UK insurer Royal and Sun Alliance is close to completing the sale of its last property in Melbourne, Australia.
The company intends to sell off all its Australian real estate investments in 1999. The disposal programme was started in 1998 and now only two properties remain to be sold – the office block in Melbourne’s CBD at 34 Queen Street, and a small office building in Perth. Confidentiality agreements mean that the identity of the buyer remains unknown, but an estimated $A8.5m is the price for the office block in Melbourne. Knight Frank is agent.
The Australian Financial Review, 6 August 1999, page 65
