SOUTH Australia’s Motor Accident Commission has reaped a speculated $28.4 million from the sale of a Collins Street office building it has owned for almost twelve years.

Based on the building’s annual rental income of $2.1 million, the 38-year old, 17-level building at 356 Collins Street sold on a yield of 7.5 per cent, a tightening of about 1 per cent on the average yields this time last year, reflecting a strengthening in the CBD office sector.

The 7211 square metre building is considered to be in Collins Street’s best pocket, a block from the Flinders Street Station, Bourke Street Mall and Swanston Street.

Read more...