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$11.1m for CGU House

CGU House at 179 St Georges Terrace has been sold for $11.1 million to a foreign investor.

The property had been part of the GE Real Estate national portfolio of 14 assets since June 2002. The portfolio was originally bought from National Australia Funds Management for $153 million and is part of GE Real Estate’s global property portfolio, which is worth $US30 billion.

GE Real Estate associate director Jason Kougellis said the sale was the second divestment of the NAFM portfolio. A property in Melbourne was divested in December 2002.

“These sales are in line with GE Real Estate’s strategy of buying assets, adding value and on-selling them,” he said. “We continue to look for opportunities to acquire property portfolios and individual properties throughout Australia with potential to enhance their capital values.”

Colliers Internationals commercial and investment sales director Ian Mickle said the sale price reflected a yield of 8.1 per cent and the building was keenly contested, with interest coming from local high net worth individuals as well as syndicators.

Mr Mickle said with average office rents of $174 per sqyare metre, there was potential for income growth over the next few years.

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