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HK diamond importer buys into Collins Street
In its first Australian property investment, Hong Kong’s Foo Hang Jewellery has purchased a Melbourne office tower at 595 Collins Street.
Grace Ormsby
Firm: Allens (Foo Hang Jewellery)
Value: $314 million
Area: Real estate, commercial
Key players: Allens’ team consisted of managing associate Tim Chislett, associate Olivia Roslaniec and solicitor Will Rennick.
Deal significance: The 595 Collins Street office tower is the first Australian property purchase for the Hong Kong company, which was one of the first companies in Hong Kong to import diamonds directly from Israel and South Africa.
Comprised of two interconnected buildings, Foo Hang Jewellery purchased the 20-storey tower from South Korea’s National Pension Service, which spans 3,778 square metres and including three ground floor shops and 145 basement car spaces, Allens said.
The firm advised on all aspects of the purchase, including contract negotiations and the Foreign Investment Review Board application, according to a statement.
Managing associate and lead on the deal Tim Chislett said, “We were pleased to act for FHJ in one of Melbourne’s largest commercial property transactions over the last year.”
He said it demonstrated the “joined-up nature” of Allens’ property team with other parts of the firm, and noted that “offshore investors are continuing to show strong interest in Australia’s premier office towers and we were delighted to support FHJ with this acquisition”.
