Property tycoon and horse racing identity Lloyd Williams has more than doubled his money with the sale of a 16-storey carpark in Melbourne’s Flinders Street to a Hong Kong private company for about $120 million.
The multi-storey car park at 114 Flinders Street is the first Melbourne asset acquired by HK Realway, a family-run Hong Kong property investment business headed by Ling Wong and Yun Choi.
The building has a height restriction on the land title preventing it from being developed and intruding on the views of top-end tenants in the upmarket 101 Collins building located behind in Collins Street.
Market sources say 114 Flinders fetched around $120 million, selling on unconditional basis with no due diligence on a yield around 5 per cent.
It includes an 864-space car park and offices leased by the Australian Housing and Urban Research Institute and Consulate General of Rwanda among others.
Mr Williams has held the property under a company called Cavehall after purchasing it for $54.5 million 10 years ago.
CBRE’s Mark Wizel, Kieran Pillai, Lewis Tong and Knight Frank Martin O’Sullivan handled the transaction.
Eu Ming Lim of Thomson Geer Lawyers confirmed his client HK Realway acquired the asset shortly after the close of a competitive bidding process last Friday.
HK Realway has been quietly building a property portfolio in Australia.
They own several properties in Sydney, including an office tower at 140 Arthur Street that was purchased from fund manager CorVal for $58 million two years ago, the Cinema Centre Car Park in the CBD and another office tower at 309 George Street they purchased for $112.3 million.
This story Administrator ready to work first appeared on Nanjing Night Net.