CDL, HTHREE BUYING DOWNTOWN MELBOURNE OFFICE TOWER FROM AMP FOR...

CDL, HTHREE BUYING DOWNTOWN MELBOURNE OFFICE TOWER FROM AMP FOR $162M

City Developments Ltd has teamed up with fellow Singaporean investor HThree City to acquire an 18-storey building in downtown Melbourne for A$236 million ($162.2 million), marking an expansion by property giant CDL into the Australian office sector.

The Grade A commercial tower at 330 Collins Street features 18,000 square metres (193,750 square feet) of net lettable area spread over 17 floors of tenanted office space and retail space at the ground floor and basement, along with 43 basement car bays.

The seller of the property is a separate account of Sydney-based AMP Capital, according to a release issued Thursday by HThree, a fund manager backed by CDL and Singapore-based developer Low Keng Huat.

“We are pleased to acquire 330 Collins Street, an iconic asset on a prime Collins Street corner,” said HThree City CEO Kevin Kang. “We believe that Melbourne’s CBD will continue to bounce back strongly, and that 330 Collins Street is well placed to benefit from the increasing demand for well-located, quality office space.”