Portfolio Sale

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The marketing of Lang Walker's $2.5 billion Collins Square project in Melbourne saw adviser UBS draw up a shortlist on Friday. 
The Australian Financial Review Street Talk column suggested more than 25 parties trawled through the data, with four offers made on the entire portfolio and six groups submitting bids on individual assets.
Three bidders will be ushered through to the second round in coming weeks, sources said. 
LaSalle Investment Management is in the mix while sovereign wealth fund China Investment Corporation, which last week formed a real estate department and doubled its allocation to property, is a logical bidder. 
Mirvac Group is understood to have considered a couple of the assets, and could potentially team up with CIC.
The newspaper added there was Canadian and South African interest including listed real estate giant Redefine Properties.
The initial plan was to sell Collins Square in one line, but it is now most likely going to be broken up. 
Street Talk suggested Tower 1, which houses CBA and Transurban, was the most popular with sources suggesting the yield on that asset could break the 5 percent barrier.
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Entire Collins Square project attracts four offers

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A portfolio of commercial properties in Melbourne belonging to renowned architect Walter Pollock, a World War II survivor, are being offered for sale through a series of Fitzroys auctions.
The on-site auctions are as follows:
182-188 Clarendon Street, South Melbourne on May 5
- 341-345 Queensberry Street, North Melbourne (443 above) on May 6
- 59-61 Park Street, South Melbourne on May 12
The listing agents are James Gregson and Michael Ryan. 
The 182-188 Clarendon Street site is spread over nearly 420 sqm, features three street frontages and a 300 sqm retail freehold. It is being offered with significant short-term income. The Commercial 1-zoned property offers the potential to occupy, invest or development subject to councils approval (STCA).
“The site has a potential height limit of six stories or 23.5 metres with no set-backs, or up to 19.5 metres over circa five levels,” said Gregson.
The following day will see the corner site 341-345 Queensberry Street go under the hammer. On a land area of 370 sqm, it has three street frontages with improvements comprising a two-level freehold. 
“Offered with significant short-term income, the property is zoned Capital City and has excellent development upside (STCA) with a 40-metre height limit circa 13 levels, and located close to the University precinct,” Gregson said.
The 59-61 Park Street site is a 246 sqm corner retail/showroom investment on the corner of major arterial Kings Way and will be offered the following week.
It is on a lease term of three plus three years and returns $103,415 plus GST and outgoings, with potential for additional signage income (STCA).
Ryan said the property is zoned mixed use and has significant development upside (STCA), with an estimated 100,000-plus vehicles passing daily.
“The entire portfolio represents an ultra-rare opportunity to become part of Australia’s property and architecture history,” said Ryan.
Pollock was a revolutionary figure in Australia’s architecture industry throughout the 20th century. Born in Austria, Pollock and his brother were separated from their parents during World War II. Whilst en route to Canada, via ship, the vessel was struck by an enemy torpedo. Despite over 1,000 people drowning in the incident, Pollock survived and would eventually find himself in Australia in 1940.
In his final year as a student at Melbourne University he was chosen to join the nation’s architectural elite and collaborate on the design of Canberra’s Australian National University. Over time it would be two residential projects for his own family that would emerge as his best-known work, including his own hard-edged modernist family home at 193 Hawdon Street, Heidelberg and a decade later another for their own residence, at 1a Grong Grong Court. 
As his reputation for unique and ultra modern designs grew, Pollock’s clients, and subsequently his social circle, began to include industry and government elites and included the acting Prime Minister of Australia, the Governor General and government ministers. Later in life, Pollock turned his attention to environmental projects that led him to overseeing several large development projects in the Philippines. By the mid 1990s he was devoting much of his time to his hobbies, including designing and making jewellery.
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Architect Walter Pollock's commercial portfolio to go under the hammer

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A 3553-hectare rural property portfolio near Yea in Victoria's Goulburn Valley is being sold via expressions of interest.
The portfolio has market expectations of between $18 million and $20 million.
Terangaville, a 1702-hectare landholding with a 1920s renovated homestead, is the biggest with Eaglehawk on 1635 hectares.
Doogallook (above) is the smallest at 216 hectares, once part of a vast sheep and cattle farm owned by John Cotton, an English naturalist who came to Australia from London in the 1840s.
Doogallook was put up for sale in last year with a $4 million-plus price tag, but failed to sell at auction.
In February, Doogallook Pastoral Company was placed in the hands of receivers Stewart McCallum and John Lindholm of Ferrier Hodgson.
The property, located about one hour from Melbourne, last traded 22 years ago when bought by the French family.
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Historic Doogallook, Terangaville and Eaglehawk farms for sale at Yea

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Billionaire developer Lang Walker's $2 billion-plus Collins Square project in Melbourne, comprising six commercial towers and the Southern Goods Shed, could be sold off separately rather than as a portfolio, according to media reports.
Collins Square is aimed to be Australia’s second largest commercial mixed use development, totalling 250,000 sqm, built above a 10,000 sqm retail podium, according to Walker's website. 
While a portfolio acquisition – potentially by a club of buyers – would be the cleanest arrangement, the sale process was opened up recently to allow a piecemeal sell-down of assets, the Australian Financial Review reported, citing market sources.
First-round offers on the Melbourne development are due on Friday, after a one-month extension on the sale process for the divestment plan unveiled late last year. Walker is being advised by UBS.
There are more than 25 potential bidders in the fray for the portfolio, comprising local investors, offshore pension funds and sovereign wealth funds, the AFR said.
The broader break-up strategy also means a wider field of potential buyers, that would include local and offshore buyers. 
As well as from Australia, interest has come from Singapore, Hong Kong, the US and Canada.
Two of the five towers in the portfolio are complete and fully tenanted. Two more are due to be completed by the middle of this year and the fifth tower in 2017.  
Several blue-chip tenants are already committed, including Marsh Mercer, Transurban, KPMG, Commonwealth Bank of Australia, Penguin Random House and Pearson, Maddocks, Link Group, Mott MacDonald and AECOM.
The portfolio could fetch more than $2 billion, on a cap rate of between 5 per cent and 5.5 per cent, comparing in scale to last year's sale of the Investa Property Trust portfolio for close to $2.5 billion to China Investment Corporation. 
UBS is expected to take at least another six weeks to sort through the second round of bids, the AFR said.
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