HONG KONG'S Wing On Investment Company International Ltd has bought three buildings for about $330 million in Melbourne's prestigious Riverside Quay project.
Two of the buildings include 23,000 square metres, while the third has 605 spaces for car parking.
Sales agent Jones Lang Wootton (JLW) said the expected net income from the three buildings this year would be about 13 per cent before acquisition costs.
JLW's national investment director, John Henderson, said the purchase was an astute investment in one of Melbourne's most successful developments of the 1980s in an area which offered significant growth prospects.
Development started on the Riverside Quay in 1986, in expectation of a property market upturn and avoided the worst of the office oversupply problem in the 1990s.
This project also pioneered the development of the Southbank area and paved the way for the development of Southgate and the Melbourne Casino.
