Abacus Property Group Acquires Two CBD Fringe Buildings for $142m

Abacus Property Group has agreed to acquire 452-484 Johnston Street, Abbotsford in Melbourne VIC for $93.5 million and 11 Bowden Street, Alexandria in Sydney NSW for $48.85 million.

452-484 Johnston Street, Abbotsford VIC

Located in the Melbourne city fringe suburb of Abbotsford, the property is fully tenanted as global HQ for a major ASX listed company, on a triple net lease. The property is located in a strategic location in Melbourne’s affluent inner east, only 4km from the Melbourne CBD.

The property comprises 16,577sqm of high quality character office space, with an exposed saw tooth roof and heritage façade, plus excellent north-east views over the Yarra River. In addition, there is accommodation for 485 cars. The property will have a weighted average lease expiry of over 5 years at settlement.

11 Bowden St, Alexandria NSW

Located in the Sydney city fringe suburb of Alexandria, the property was built in 2016 providing commercial office space across ground and 3 upper levels. It is fully leased out to 5 tenants with long leases. The property is located in the Sydney city fringe suburb that is characterised by constrained supply and strong competition, 5km south of the Sydney CBD.

The property comprises 5,577sqm of high quality office space providing creative style commercial accommodation and a large rear ground level carpark for a total of 55 car spaces. The property will have a weighted average lease expiry of over 6 years at settlement.

These properties are strategic long term investments. They have been acquired at an attractive rate per square metre and provide access to stable and growing cash flows from high quality tenants. Fringe CBD assets that appeal to the millennial market are expected to provide significant longer term growth prospects particularly as market rates improve and inner suburban areas continue to undergo gentrification and enhanced appeal for occupants with amenity and accessibility to the CBD and driven by elevated levels of infrastructure spend.

It is anticipated both properties will settle by the end of March 2018.


The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s