Mirvac Group bought an office asset in Melbourne for a total consideration of A$122 million, with plans to redevelop the property.
The deal for the property at 383 La Trobe St. reflects an initial yield of 5.7%.
The seven-level B grade office property in the central business district offers future redevelopment potential. It spans roughly 10,200 square meters and is fully leased to the Australian Federal Police.
The company plans to redevelop the site into a new A grade office tower spanning more than 40,000 square meters.