Futuro consolidates Bourke Street tower in separate deals
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Sydney-based Futuro Capital has acquired the historic Tivoli Arcade, shops and car park on Bourke Street in Melbourne from their long-time owner, the Venton International, in a $73 million deal.
The acquisition gives Futuro control over the entire building at 235-251 Bourke Street, after last year striking an agreement to buy a 14-storey section of the tower from RMIT University for $133 million.
The Sydney platform was backed by investment partners Baring Private Equity Asia and Singapore-listed SLB Developments.
The acquisition gives Futuro control over the entire building at 235-251 Bourke Street.
Futuro plans a major refurbishment of the property, with the arcade to be reworked as a high-end retail destination.
Yarra River office sells to bio-medical group for $16m
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Bio-medical group AXXIN has swooped on a freestanding office set on the Yarra riverbank in Eaglemont, paying $16.6 million.
The office at 677 The Boulevard, is on a 9020-square-metre corner site, fully leased to social welfare group Berry Street Victoria. The deal reflected a 6.36 per cent yield.
AXXIN, which is located on Heidelberg Road, Fairfield, plans to occupy the 3216-square-metre office in the future.
Colliers International agents Joe Kairouz, Hamish Burgess, Trent Hobart and Peter Bremner negotiated the transaction.