things still moving

http://www.realestatesource.com.au/adelaide-syndicate-pays-becton-27-million-for-east-melbourne-office.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Realestatesource+%28RealEstateSource%29

Adelaide Syndicate Pays Becton $27 Million For East Melbourne Office
Saturday, 16 January 2010 00:31

A BRANCH of Adelaide-based property syndicate Harmony Group has paid $27 million for an office building at the bottom of an apartment complex, in East Melbourne.

The Wellington Parade South office building failed to sell for $30 million when it first hit the market last year. It came onto the market as Becton also offloaded the Wang House office in the CBD, and another office in St Kilda Road.

Andrew Cain, director of Harmony Group, told the AFR, which reported the deal, the investment group specialises in offering property syndicates which would appeal to high net worth individuals.

The minimum buy-in is $100,000, with most investors for this syndicate, coming from Adelaide.

The syndicate will offer a high 8 per cent return every year.

Becton developed the five-level, 5,600 square metre office building, which is also its Melbourne office headquarters.

The apartment tower attached to the tower was recently rezoned from Melbourne, to East Melbourne, in a move which is expected will substantially increase those apartments values.