The Queens Road building has been sold to Everland for around $60 million, close to trebling its value in five years.
In 2013, Larry Kestelman had purchased 10 Queens Road for $21.35 million where LK Property headquarters have been located in. The property covers an area of 2,300 square metres and has a leasable area of 8,800 square metres.
It is understood that the transaction was completed before CB Richard Ellis (CBRE) officially brought the assets to market. The Everland Global Group stated that “we are a developer and bought it to improve its use.”
This 19-story building overlooks Albert Park Lake and is within walking distance of the Royal Botanic Gardens. It has a great location and is a rare item in this area.