⁴ᴷ Billionaire and fresh Investor look to profit from slump in office values

COMML REAL ESTATE - CBD market continues to tread water | 2 CBD buildings attract bids 30% LESS (!) than the tower’s recent peak prices. A billionaire & a fresh investor are looking to profit from a slump in office values in Melbourne's Commercial Real Estate sector in the competitive CBD market.

The Age reports: 'Billionaire Harry Stamoulis is in due diligence to buy the former ASX House at 357 Collins Street for $190-$200 million, while low-profile investor Joe Cairns is understood to have paid less than $33 million for the office at 525 Flinders Street.'

FAST FACTS | Flinders Street property (corner of King street)
70% vacant
10,271 square metre building
Built on the historic fish market site
was a car park before redeveloped in 2009
A Uniting Church fund paid $50 million in 2011 before flipping it in 2012 to Swiss fund AFIAA for $50.8 million

FAST FACTS | former ASX House, 357 Collins St
23-storey stood empty 16 years
bought 2010 by Australand $45 million
then sold 2015 for $222.5 million to Frasers Property
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SOURCE: The Age, 2 May, 2025 — 5am
https://www.theage.com.au/business/co...
Nicole Lindsay, business journalist

#commercialrealestate #commercialproperty #property #propertyforsale #propertynews #housingcrisis #affordablehomes #apartmentforsale #businessnews #workplace
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NEWS - COMMERCIAL PROPERTY | 'Europe’s central bank sounds warning on world’s empty offices'
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Insights | Europe’s central bank warning on the world’s empty offices at:
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20250502 PLife News Comml Billionaire profits office towers slump VO