Australia’s richest barrister buys into east end tower

Australia’s richest barrister, Allan Myers, KC, has made another city investment, well away from his agricultural interests, joining the ranks of the strata office owners in Melbourne’s top end.

Myers has emerged on the list of owners at 41X, the tower on the corner of Flinders Lane and Exhibition Street developed by the Australian Institute of Architects.

Records show Tovehead, a Myers family company, has bought level six for $4 million. The whole floor office, with no views, was purchased shortly after level 18 was transacted last year for $4.15 million.

Level 18, 41 Exhibition Street sold for $4.15 million.

CBRE agents Alex Brierley, Nathan Mufale and JJ Heng, who did the deals, declined to comment.

Earlier this year, Myers bought a shop at 205-207 Lygon Street, Carlton for $11.42 million. His agribusiness holdings include a half-share in a 343,700-hectare cattle station aggregation in the Northern Territory and more than 11,000 hectares of grazing land in Dunkeld held through the Dunkeld Pastoral Company.

While Myers’ personal website lists 41X as his new office address, AJ Myers and Dunkeld Pastoral are still on the tenants list at Harley House, up the street at 71 Collins Street.

That office, across the road from top-tier law firms at 80 and 101 Collins Street, is also within spitting distance of the Melbourne Club, from which Myers exited in a state of high dudgeon early this year, amid accusations of racism.

Meanwhile, level 13 of 41 Exhibition Street is on the market for more than $4 million. Records show the co-owners, printing boss Wayne Sidwell and lawyer Charles Anzarut, bought the 280 sq m property in 2013 for $2.095 million.

Vinci Carbone agents Frank Vinci and Joseph Carbone are handling enquiries.

In the CBD’s west end, near Queen Victoria Market, the former Communications Workers Union headquarters on level nine of 365 Queen Street has sold to an owner-occupier for $3.85 million.

It’s the first deal in 12 years in the building which is majority-owned by the Australian Council of Trade Unions. The ACTU bought into the property after selling its Swanston Street digs in 2006.

365 Queen Street, Melbourne.

The sale of the 579 sq m office was negotiated by JLL’s Tim Carr and Nick Peden at a rate of $6650 a sq m. The union paid $2 million in 2012.

The CBRE team also recently sold a boutique suite on level three of the McPherson’s building at 546 Collins Street for just over $8000 a sq m.

Other notable strata offices for sale include level 8 at 420 Collins Street, one the few offices in the building not previously owned by bankrupt Victory Offices founder Dan Baxter. It’s for sale through JLL for $2.72 million.

Meanwhile, a 196 sq m office on level eight of 140 Bourke Street is also up for grabs. Its 124 sq m neighbour sold last year for $1.23 million. Savills agents Tom O’Halloran and Tim Grant are handling that one.

On the edge of the legal district, part of level one at Normanby Chambers at 430 Little Collins Street is going to auction on October 3.

The CBRE agents are selling the 92 sq m office on behalf of Callum Fraser who jointly developed the building with former wife Zahava Elenberg and father-in-law Morry Schwartz in 2005.

Normanby Chambers, 430 Little Collins Street, Melbourne

It’s just upstairs from the Chancery Lane restaurant which chef Scott Pickett and his co-owner David Anderson are selling for $10 million.

Timber tower

US office landlord Hines has scored a fresh tenant for its recently completed timber tower, T3 in Collingwood.

Melbourne IVF is understood to have signed up for three levels of 36 Wellington Street, joining the head office of US coffee chain Starbucks.

The fertility specialist will be moving out of the Freemasons Fertility Clinic at 344 Victoria Parade into 4800 sq m of the 15-storey Collingwood building.

Hines completed the spec-built timber tower late last year, boasting its design had resulted in a 37 per cent reduction in carbon. It is targeting a 5.5-star NABERS rating and aGreen Star rating of 6.

T3 Collingwood by Jackson Clements Burrows Architects.Credit: Tom Blachford

In June, Jackson Clements Burrows Architects won the Australian Institute of Architects award for Commercial Architecture for its work on T3 Collingwood.

Colliers agent Travis Myerscough, who negotiated the lease with colleague Damien Adkins, confirmed a deal had been done. It’s understood about another 5000 sq m of space is under offer.

Around the corner, Domain Hill Property Group’s Peter Cahill is selling 71 Langridge Street. About half the 5357 sq m building is leased to tenants Broadsheet Media and Akcelo.

CBRE agents Scott Orchard and Will Heffernan, along with Lemon Baxter’s Paul O’Sullivan and Hans Fan, have the listing but are keeping mum on the quoted price.

Records show German fund manager DWS paid $70.7 million for 88 Langridge Street (also designed by JCB) in 2022, a value of $11,780 a sq m. The part-empty No.71 isn’t likely to repeat that bumper price.

71 Langridge Street, Collingwood is for sale.

Going to pot

Listed medical cannabis grower, the Cann Group, has put its giant glasshouse and warehouse operations up for sale but finding out the price is harder than you’d expect.

Nevertheless, the Mildura-based property, which cost around $50 million to build, is being sold with a 10-year leaseback paying $4.2 million a year with 2.5 per cent fixed increases per year.

Last week Cann posted its financial results for the year 2023-24 which revealed a sobering write-down of the value of its property, plant and equipment to $76.44 million from $107.39 million.

Cann’s straightened bottom line showed a net loss of $51.24 million after revenues fell 12 per cent to $19.07 million.

But looking at the numbers from another angle, revenue from operations improved 11.6 per cent to $15.37 million and if you take out that downer of a write-down, earnings improved 24.1 per cent to a mere $13.2 million loss.

Despite its financial woes, the company suggested it won’t be reduced to a bargain price: “Any offers will be assessed not only against each other but also against other potential funding options that might be available at the time.”

The property at 23 Greentek Court in Koorlong is on a 13.5-hectare parcel of land which cost $10.75 million in 2019. It’s one of the largest cannabis-growing facilities in the southern hemisphere, according to the information memorandum distributed by agents LAWD.

An 8000 sq m section of the 34,000 sq m glasshouse is fitted out for the production of 10,000 kilograms of medical-grade cannabis. The building also includes manufacturing and warehousing facilities for the production of head, oils, vapes and capsules.

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