Hellenic Club sells Williams Landing property to Ascot Capital in major deal
Source: NEOS KOSMOS
The Hellenic Club has sold a government-occupied building at 107 Overton Road, Williams Landing, to Ascot Capital, in a deal facilitated by real estate agency CBRE.
The property, home to Victoria’s Emergency Services Telecommunications Authority (ESTA), was part of a $25.93 million sale. According to CBRE senior director Scott Orchard, the sale achieved a sub-6.4 per cent yield, reflecting the building’s strong market appeal.
“With 10-and-a-half years remaining on the original 15-year lease, the property’s strong tenant, modern design, and overall fundamentals made it highly attractive to Ascot, which had expressed interest during our previous sale campaign in 2018,” Orchard said.
Originally developed by Cedar Woods as part of its Williams Landing Town Centre master plan, the 3126-square-metre office building was designed alongside major projects, including Target’s headquarters and the Williams Landing Shopping Centre.
Hellenic Club spokesperson Ian Cameron said the building was a valuable asset but was sold due to a strategic shift and a need for equity in an upcoming Canberra development.
Ascot Capital director Peter Agostino expressed satisfaction with the acquisition, stating, “We’re delighted to add this high-quality property to our portfolio, which aligns with our investment strategy.”
Market sources revealed Ascot had previously tried to acquire the property in 2018 but missed out when Cedar Woods sold it to the Hellenic Club.
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