Multiplex Construction’s former co-owner Andrew Roberts sells ATO building for $65m

Multiplex Construction former co-owner and chief executive Andrew Roberts has sold the Australian Taxation Office building located in Albury, a regional NSW city, for AU$65 million.

The building has eight levels with 10,807 square metres of total office space. There are still seven years of ATO's lease left with the option to extend the limit to five more years. Roberts bought the building constructed by Canberra-based Doma Group in 2012 for AU$48 million. It was entirely under the supervision of his co-owned property company, CorVal.

“The Australian investment markets are still providing value to investors who are taking advantage of the lower Australian dollar and the debt rates that are available,” Andrews said as quoted by The Australian.

FG Asset Management, a Korean property investment firm, purchased the building from Roberts. The company also recently purchased an ATO building at Box Hill, Melbourne east, in September for AU$156 million. It has targeted the building near Victorian border located in the CBD’s 520 Smollett Street as its next purchase.

Roberts' windfall is a result of the standard set by high-profile Queensland businessman, Kevin Seymour.

Seymour has put Brisbane offices to around AU$350 million’s portfolio, indicating the high rise in the office selling market in recent times. The HSBC Tower in Queen Street, CBD, is the next real estate asset that Seymour is planning to sell.

Earlier in 2015, billionaire Kerry Stokes sold the Seven Network studios in Pyrmont, Sydney for AU$180 million. Another Melbourne-based property giant Harry Stamoulis is about to sell CBD offices in Melbourne, which would offer him the approximate value of AU$210 million.

Roberts made news in April when he sold his house for AU$38 million, the most expensive Australian real estate property in 2015, according to Domain. In 2014, Roberts bought one of the most expensive properties on Bondi Beach that amounted to AU$25 million.

Contact the writer at feedback@ibtimes.com.au, or let us know what you think below.