Real estate firm SC Capital Partners has purchased an office building at 412 St Kilda Road, Melbourne, for A$107.08 million ($99 million).
The building will undergo a A$40 million refurbishment and capitalise on its strategic location above the new Anzac Train Station.
The property comprises 19 storeys, with a total lettable area of 175,290 sq ft, and a parking space that fits 174 cars. It is at the corner of St Kilda Road and Bowen Crescent, with a further frontage to Queens Lane. The property also overlooks the Shrine of Remembrance, Royal Botanic Gardens, the Melbourne CBD, Albert Park and Port Phillip Bay.
“This will be the most significant office regeneration project the St Kilda Road precinct has witnessed in the past 20 years,” comments Mark Frinsdorf, director of Artifex Property Group, which is overseeing the refurbishment works.
The works are expected to commence in early 2020, and the building will be available for occupation in 1Q2021.
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