another big sale

from http://www.realestatesource.com.au/becton-to-sell-422-little-collins-street.html
Written by Marc Pallisco
Friday, 27 August 2010 00:09
Tags:Melbourne CBD Office SaleBectonLittle Collins Street
422 Little Collins Street
DEVELOPER and fund manager Becton is still in a selling mood.

This time, the East Melbourne-based group is offloading a Little Collins Street office building it bought from Vicland for $22.2 million in September 2006.

The 422 Little Collins Street office is expected to fetch about $17.5 million this time around, reflecting a yield of about 10 per cent based on the assets approximate annual income of $1.75 million.

Allard & Shelton directors Joseph Walton and Patrick Barnes are marketing the building.

Earlier this month it was reported Becton sold its prominent Beaumaris Pavilion site to St Kilda footballer Sam Gilbert and hotelier Simon Lennox for a speculated $9 million. In selling the asset, Becton abandoned plans to convert the hotel into aged care accommodation.

Earlier this year Becton sold its East Melbourne office headquarters for about $27 million, continuing a sale spree which also saw it recently dispose of 446 Collins Street (about $21 million) and 606 St Kilda Road (about $25 million).

Becton also injected $30 million to its coffers during the economic downturn, selling a collection of low-rise office buildings at the riverfront suburb border of Abbotsford, Richmond, Kew and Hawthorn, part of which is being redeveloped as a medium density apartment complex by rival Hamton.