Once penniless immigrant Nick Andrianakos makes his move into South Australia
A MELBOURNE petrol tycoon has made his first foray into the Adelaide commercial property market with the $100 million plus purchase of one of the CBD’s most well known buildings.
A MELBOURNE petrol tycoon has made his first foray into the Adelaide commercial property market with the $100 million plus purchase of one of the CBD’s most well known buildings.
Santos House at 60 Flinders St, has been snapped up by Nick Andrianakos, of the Nikos Property Group, for $101.35 million to add to a burgeoning Victorian property portfolio.
The 15731 sqm, five star NABERS rated building has been purchased from the Lendlease managed, Australian Prime Property Fund Commercial, and was built for ASX listed oil and gas producer Santos in 2007, which has recently committed to a new lease with further options.
The acquisition caps a big 12 months for the Andrianakos family which started when their retail company, Milemaker Petroleum, sold the assets of its retail fuel business (46 petrol stations) in Victoria to Caltex for $95 million but retained the ownership of all the sites on long term leases to Caltex.
In July they took advantage of market conditions and sold a 27.5 hectare industrial development site in Truganina in western Melbourne to development and investment group Logos for $28.2 million.
The acquisition in Adelaide will add to the family’s petrol stations as well their three major commercial office buildings on Melbourne’s St Kilda Rd. All have strong secure cash flow with recent renegotiations of major leases on all assets.
Nikos Property Group is the family company of Nick, a Greek born, self-made magnate who emigrated to Australia from Greece 50 years ago as a young man.
“I came to Australia penniless from Greece. My estate was built through endless hours of work, toil and agony, but also through honesty,” he said. “I really believe that God gives to those who are just.”
The sale was handled by Adelaide agents Ian Thomas and Alistair Laycock from CBRE and Guy Bennett from Knight Frank. They were unavailable for comment.