Herbert Smith Freehills (HSF) has advised Singaporean investment house HThree City Australia Pte. Ltd. on its A$236 million acquisition (together with its co-investor City Developments Limited) of 330 Collins Street, an A-grade commercial office tower in Melbourne, from an AMP Capital separate account.
330 Collins Street is an 18-storey commercial tower with over 18,000 sqm of Net Lettable Area including office space, retail space and parking and has a committed occupancy of about 90 per cent. The property boasts a 4.5-Star NABERS energy rating and 5-star NABERS water certification.
The deal, which was completed in just nine weeks, is HThree’s second acquisition in Australia after it acquired 446 Collins Street in 2021.
The HSF team was led by Herbert Smith Freehills’ Managing Partner, Real Estate (Asia and Australia), David Sinn, with support from senior associate Julia Orbach and solicitor Tom O'Sullivan.
David Sinn said: “Congratulations to HThree on its successful acquisition of 330 Collins Street, an iconic Melbourne building. We greatly appreciated the opportunity to work with the team at HThree and to bring to the deal the expertise and experience of our Australian real estate team.”
HThree CEO, Mr Kevin Kang said: “We are pleased to acquire 330 Collins Street, an iconic asset on a prime Collins Street corner. We believe that Melbourne’s CBD will continue to bounce back strongly, and that 330 Collins Street is well placed to benefit from the increasing demand for well-located, quality office space.”