Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Deka Immobilien acquires Melbourne office tower for $454 million

Luke Etherington • 11/09/2020

In one of the most significant Australian office market transactions since the COVID-19 pandemic, German investor, Deka Immobilien has acquired a 22 level A-grade office tower at 452 Flinders Street, Melbourne, from the Dexus Wholesale Property Fund for $454 million.

Cushman & Wakefield’s Luke Etherington, Sunal Patel and Sarah Baker managed the off-market campaign on behalf of Deka Immobilien, with client support provided by Richard Butler and Mark Hansen. The sale is expected to settle in mid-November 2020, pending approval from Australia’s Foreign Investment Review Board (FIRB).

452 Flinders Street was sold fully occupied with a tenant mix comprising exclusively government, national and international corporations. This included recently signed leasing agreements with tenants including V-line and Jacobs Group.

452 Flinders Street Melbourne

The 38,000 sqm commercial office tower located in Melbourne’s CBD has large ~2,700 sqm floor plates with views across the Yarra River. The building includes 17-levels of A-grade office space, a three-level basement car park, ground floor retail, mezzanine level office, auditorium and end-of-trip facilities.

The property was acquired in 2011 by the Dexus Wholesale Property Fund and was subject to significant upgrade works including to the sky garden, lobby and extensive plant & equipment upgrades.

Cushman & Wakefield’s Head of Capital Markets, Victoria, Luke Etherington, said: “The landmark acquisition of 452 Flinders Street is one of only a few major Australian office deals to have transacted this year and was completed while Melbourne remained in hard lockdown. This is an outstanding result given the unique challenges surrounding COVID-19.”

“The competitive off-market sales process also saw multiple potential purchasers vie for the property. This, combined with Deka Immobilien’s unwavering interest in the asset through the pandemic, sends a clear signal that confidence in the outlook for Melbourne’s commercial office market remains strong,” Mr Etherington concluded.

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All