Owners battle over city views, paying a security premium

Level one of Austin House at 121 Flinders Lane fetched a whopping $4.1 million late last year – the largest price for the year at a building rate of $16,735 a square metre on a 30-day settlement.

Colliers International agent George Davies, who negotiated the deal with Anthony Kirwan and Chris Ling, said three unconditional offers were made for the 245sq m whole floor office which sold well above its quoted price in the low-to-medium $3 million range.

Title searches show the Commonwealth Superannuation Corporation (CSC), 101 Collins Street’s owner, as the buyer.

The public servants’ fund has amassed multiple strategic properties around its Collins Street address, in some cases placing height covenants on their titles before reselling them.

It paid $4.75 million or $19,388 a square metre for a strategic position on the third floor office of ACCI House at 55 Exhibition Street in 2019.

That building had also caught the attention of Salvatore “Sam” Tarascio’s Salta Properties which owns the 14 level office next door at 63 Exhibition Street.

Before CSC appeared on the register, Salta had already swooped on the ground and second floor of No. 55 paying a combined $8.1 million for them in 2018 and 2019, presumably to secure views for a potential office redevelopment next door or amass enough of a holding to control the site and incorporate it into a larger project.

The Tarascio’s have since added another floor, the top penthouse level for $3.3 million in March last year, to their holding.

Those offices could be up for grabs again. JLL is marketing Salta’s development site at 63 Exhibition for more than $80 million and the offices next door at No. 55 are held in the name of Salta’s 63 Exhibition Street development company.