Aspen sells Melbourne property for $33m

Property investment and funds manager Aspen Group has made a tidy profit after selling an office property in inner Melbourne for $33.3 million.

The Perth company acquired the property on St Kilda Road for $25 million in November 2004.

Aspen Group managing director Gavin Hawkins said it was an opportune time for the Group to maximise on the fully let position of the asset.

He said the sale was in line with Aspen's stated strategy of recycling certain assets within its investment property portfolio into higher grade properties in primary office markets.

"It is considered an appropriate time for Aspen to dispose of the asset and recycle the proceeds into other higher grade investment property opportunities," Mr Hawkins said.