AXA Investment Managers - Real Assets (AXA IM - Real Assets), a French real asset investments management company, announced that it has completed, on behalf of one of its clients, the purchase of 21 Harcourt Parade, a parcel of land with full development approval in the Cremorne precinct of Melbourne.
Acquired from Australian property developer Caydon Property Group for A$32.5 million ($23.1 million), the property will be developed by AXA IM - Real Assets and Caydon Property Group into a high-quality office building with construction costs bringing the total investment to just over $70.9 million.
Australian construction company Probuild has been appointed as the builder for the project. The deal demonstrates AXA IM - Real Assets’ ability to identify and originate real estate investments in Australia, one of the core real estate markets in Asia-Pacific, on behalf of its clients.
Due for practical completion in 2020, the 9,621 square meter building will comprise six floors of office space all pre-let on a 10-year lease to MYOB, an Australian software services company, two levels of parking and 800 square meters of ground floor office and retail space.