DEXUS has driven off with a $49 million pre-tax profit from the sale of a car park in Melbourne.
Dexus sold the 32 Flinders St property in May for $87.1 million. The eight-level car park was sold with approval for a dual, 47-level and 14-level mixed-use development.
GPT’s unlisted wholesale fund is believed to have secured the property, having had to battle with fellow neighbouring landlords the Magid family for the asset.
32 Flinders St is next to the 40-storey EY Building at 8 Exhibition St, co-owned by the GPT fund and Singapore-listed Keppel REIT.
Meanwhile the Magid family is the majority owner of the Hotel Lindrum, on the other side of the site at 26 Flinders St.
Australian Property Journal
