Property tycoon Harry Stamoulis is poised to purchase a major Melbourne office building at 357 Collins Street for around $200 million, outbidding several rivals including cryptocurrency billionaire Ed Craven.
According to The Australian, Stamoulis Property Group, advised by Paul Henley’s OneEast Capital, has entered due diligence to acquire the A-grade office block from a Singapore-listed arm of Frasers. The parties declined to comment on the pending deal.
Stamoulis was drawn to the asset’s prime location, high amenity, and reduced valuation amid the broader downturn in commercial property markets following interest rate hikes.
The acquisition continues his counter-cyclical investment strategy, following last year’s $155 million purchase of 1 Nicholson Street from Charter Hall.
The 25-storey building — formerly Stock Exchange House — spans over 31,000 square metres and includes a food hall, retail access, and strong transport links. It houses tenants such as Commonwealth Bank, Gartner Australasia, Meridian Lawyers, and Vapiano.
Ed Craven, co-founder of global gambling platform Stake.com, was a key contender for the site, reportedly seeking a Melbourne base for his growing operations.
The bidding also attracted interest from Growthpoint’s funds management arm and the Lowy-backed Assembly Funds, signalling continued appetite from private capital in Melbourne’s office market.
Stamoulis, whose family fortune is estimated at $797 million, is the son of late soft drink magnate Spiros Stamoulis. Known for a $70 million Toorak mansion and a Gold Coast apartment project, he has built a reputation for strategic property acquisitions during market troughs.
Cushman & Wakefield is brokering the Collins Street sale. The building last sold in 2014 for $222.5 million and underwent redevelopment in 2013 to integrate with an adjacent building.
Source: The Australian.
