Victoria University pays around A$5.36 million annually for rental and outings. The tenancy, expires in October.
The property comprises of a basement, ground level and another 19 levels across 3 subdivided lots. These are Lot S2 (a carpark owned by third parties), Lot S3 and Lot C1, being the common facility which is owned in equal parts by Lots S2 and S3.
The lettable area within Lot S3 comprises 13,457.5 sq m of office space and 636 sq m of retail space, plus other related areas and common property.
The buyer, an unnamed third party, has paid a deposit of A$4.04 million, HGC said in a Feb 7 regulatory filing.
See also: CapitaLand Development and UOL granted green light to acquire Thomson View property
The same filing highlighted that the proposed sale transaction allows it to realise its investment in the commercial building before the tenancy matures.
“The net sale proceeds, after payment of related transaction costs, shall be placed into interest-bearing bank term deposits, pending a decision by the directors on future investment opportunities,” it added.
Shares in HGC closed down a cent or 0.97% at $1.02 on Feb 7.
Cover image: Hotel Grand Central
