Mirvac confirms Como Centre sale

Mirvac has sold Melbourne’s Como Centre precinct.

Mirvac Group has wrapped up just over $300 million worth of investment property sales, with a private Queensland-based group buying Canberra’s Aviation House for $68.1 million and Newmark Capital picking up Melbourne’s Como Centre for $236.5 million.

The sales mark further progress in the plans of Mirvac chief executive Susan Lloyd-Hurwitz to sell non-core assets to boost the group’s overall portfolio and also to help fund major retail and office projects.

The sales of the two assets were flagged by The Australian earlier this month.

Sitting on a 2ha site on the corner of Toorak Road and Chapel Street in South Yarra, the Como Centre includes 25,700sqm of A-grade office space, about 6650 sqm of retail, a 111-room hotel and a car park.

The deal was brokered by Colliers International and McVay Real Estate.

The Como Centre features 6600sqm of retail space.

The Como Centre features 6600sqm of retail space.

In Canberra, 16 Furzer St, also known as Aviation House, is an A-grade building comprising nine levels of office space, a ground level cafe and two levels of basement parking.

JLL and Colliers International marketed the Canberra property.

“This is an outstanding outcome for the group, and we are extremely pleased to have achieved these key milestones in our asset sales strategy for fiscal 2016, following the sale of 1 Woolworths Way in New South Wales earlier this year,” Lloyd-Hurwitz says.

The group earlier this year sold the Woolworths headquarters to a group of Korean investors arranged by Inmark Asset Management for $336 million in a deal brokered by Savills and JLL.

Mirvac has sold Canberra's Aviation House for almost $70 million.

Mirvac has sold Canberra’s Aviation House for almost $70 million.

Altis Property Partners is separately buying a high-profile duo of buildings in the Sydney suburb of Rhodes from Mirvac for about $250 million.

Knight Frank and CBRE are handling the offer of the two prime buildings in the Rhodes Waterside development.

Separately, Mirvac said it had entered into a second transaction with its Chinese joint venture partner, Ping An Real Estate, which will take interest in St Leonards Square, a major residential development on the Pacific Highway in Sydney’s northern suburbs.

This article originally appeared on www.theaustralian.com.au/property.