AXIOM Properties and its partner Industry Superannuation Property Trust have broken up and sold the residential component of The Age site in Melbourne CBD for $17 million.
The joint venture partners put the 3,320 sqm site at 612 Lonsdale St to market through an Expression of Interest campaign in May this year.
James Kaufman and David Bowden of Jones Lang LaSalle negotiated the sale.
The site represents only one-fifth of the overall site of 15,200 sqm and was identified as Stage 1 of an overall mixed use planned development.
Planning consent for the two residential towers was achieved in March this year.
Axiom’s managing director Ben Laurence said the site was always earmarked for sale once the partners had achieved the required approvals to develop the residential component of the project.
“Given the current state of the economic climate, this is a very good result,” he added.
Axiom and ISPT will continue to hold nearly 12,000 sqm of land and buildings, opposite the Spencer St railway station and situated in the growing west end of Melbourne’s CBD.
The buildings are currently fully occupied by The Age newspaper.
Australian Property Journal
