SINGAPORE (EDGEPROP) - Singapore-based property players TE Capital Partners and Roxy-Pacific Holdings have agreed to acquire 350 Queen Street in Melbourne’s CBD for A$145 million ($140.3 million), with the parties holding 60% and 40% interests in the asset respectively.

The office property spans 20 storeys, and comprises a commercial tower with offices, retail offerings and community amenities. It occupies 21,914 sq m (235,880 sq ft) of office and retail net lettable area. It is currently 87% occupied and has an average lease expiry of about four years.

After the deal has gone through, TE Capital will undertake a 12-month asset enhancement programme to reconfigure the ground-floor layout, retail offerings and lift lobbies, and upgrade key building services.

“We are positive about the robust fundamentals that Melbourne’s CBD office market offers in the medium to long term,” says TE Capital’s managing director Emilia Teo.

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