Nick Andrianakos sells Melbourne industrial site to US private equity firm for $41 million

·

Newly minted billionaire, Nick Andrianakos, has sold his 9.31 hectare industrial site in Melbourne’s north to US private equity firm Cabot Properties for $41 million.

Andrianakos first purchased the property in 1993 for $1.45 million from the ANZ Bank.

According to realestatesource.com.au, the new US-based owner is set to replace the largely vacant tract with a $130 million business park containing 55,000 square metres across three buildings.

READ MORE: ‘I was lucky’: How Nick Andrianakos went from petrol-pumping to Australian billionaire.

Nick Andrianakos sells Melbourne industrial site to US private equity firm for $41 million.

READ MORE: Petrol king Nick Andrianakos takes over Adelaide tower in $175 million deal.

“It is rare to be able to create an estate of this scale and quality in such a core infill location,” Cabot director of Investments, Jonathan Herb, said.

The deal comes a month since Andrianakos picked up a half-stake in Adelaide’s Colonnades Shopping Centre – the country’s fourth biggest mall by land area – for $135 million.

READ MORE: Nick Andrianakos invests over $135 million for half stake in Adelaide shopping mall.

Source: realestatesource.com.au.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Charity founder Fr Antonios Papanikolaou faces financial penalty for child abuse

Fr Antonios Papanikolaou, founder of Greek charity Ark of the World, has been sentenced to four years and three months in prison.

Greece unveils defence shakeup, drone plans

Greece is currently in discussions with Israel to develop a €2 billion (AUD 3.3 billion) anti-aircraft and missile defence system.

England hands Greece their first UEFA Nations League defeat

Curtis Jones made a memorable start scoring on debut to secure a convincing 3-0 victory over previously unbeaten Greece.

Mixed reactions emerge in Greek Australian community over Prime Minister’s cultural remarks

Members of Australia's Greek community have expressed mixed responses to cultural remarks made by Prime Minister Anthony Albanese.

Final countdown to the Greek Community of Melbourne Schools’ Olympic spirit

Excitement is building as the Greek Community of Melbourne Schools prepares for its first-ever Olympic Games, set to take place on Saturday.

You May Also Like

How Greece compares with Australia on ‘flattening the curve’

It is almost impossible to compare one country's coronavirus outbreak with another, due to differences in population, urbanisation and the average age of population.

‘Dark Athens’: A new mystery is born through Arthur Antonopoulos’ debut novel

'Dark Athens': A new mystery is born through Arthur Antonopoulos' debut novel. The Greek Herald speaks to him after its release.

Greece embarks on its first Antarctic expedition

The mission is a joint research venture with Bulgarian scientists, finalized last week during an international polar conference.