Asians buy up big in Melbourne
A PRIVATE Asian investor has paid A$6.67 million (HK$36.69 million) for the OBE building at 10-16 Queen Street in Melbourne, according to Jones Lang Wootton (JLW) national investment director John Henderson.
He said the 15-storey, 7,100-sq-m building was substantially leased and offered an income of A$757,000 a year.
Mr Henderson said the sale was the latest in a string of foreign investment buys in the Melbourne Central Business District (CBD) totalling more than A$307 million since January 1992.
He said JLW investigations revealed Asian investors were responsible for 60 per cent of all private investor transactions in the Melbourne CBD in 1992 and 1993.
Mr Henderson said as well as making up 60 per cent of the private investor market, Asian buyers bought 61 per cent of the mortgagee property sold in the period - a total of A$187 million.
Asian buys included Flinders Gate (A$15 million), the Walk (A$18 million), Centra on the Yarra (A$52.5 million), Hotel Ibis (A$23 million), and 55 King St (A$24 million).
Mr Henderson said buyers from Hong Kong and Singapore had been the cornerstone of activity.
in the Melbourne investment market last year.