ChipEngSeng: To purchase a commercial building at 150 Queen Street, Melbourne for A$25.5m. The building which is comprises 11 levels of office approx 7,192 sqm, 2 levels of retail approx 961 sqm with 2 levels of basement parking providing 26 parking lots is in the CBD area with a total NLA of 8,153 sqm. This could be increased by 275 sqm to 8,428 sqm if let on a full floor basis. The building has a site area of 913 sqm and provides opportunity for significant upgrading, or for potential redevelopment as a residential project.
The consideration will be funded through internal funds. Chip Eng Seng has a current P/E of 2.2x. Lum Chang is at approx 6.2x and KSH at 3.3x
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