NEWS

Allens advises on $314m sale of Melbourne office tower

By Tim Chislett
Financing Foreign Investment Review Board (FIRB) Property & Development

Allens has advised Hong Kong investor Foo Hang Jewellery (FHJ) on its purchase of a Melbourne office complex for A$314 million.

The purchase of 595 Collins Street in Melbourne from South Korea's National Pension Service, is the first time FHJ has invested in Australian property.

Comprised of two interconnected buildings, the 20-storey tower spans 3,778 square metres and includes three ground-floor shops and 145 basement car spaces.

Allens advised on all aspects of the purchase, including the contract negotiations and the Foreign Investment Review Board (FIRB) application.

'We were pleased to act for FHJ in one of Melbourne's largest commercial property transactions over the last year,' said Managing Associate, Tim Chislett.

Commenting on the sale, Tim said it demonstrates the joined-up nature of Allens' property team with other parts of the firm.

'Offshore investors are continuing to show strong interest in Australia's premier office towers and we were delighted to support FHJ with this acquisition,' he said.

 

Allens legal team

Tim Chislett, Managing Associate; Olivia Roslaniec, Associate; Will Rennick, Solicitor.

Ends

Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.