Current

  • An island site which is 100% leased to a diverse range of tenants including 15 retail, 2 office and 10 residential premises;
  • Four (4) street frontages to Clarendon Street, Park Street, Emerald Hill Place and Bank Street; and
  • Site area of approximately 2,761 square metres.

The property is occupied by an outstanding spread of tenants including Bendigo Bank, Gazman and Rokk Ebony. The property is also occupied by a number of cafes, restaurants and retail outlets – well recognised in the precinct with all enjoying excellent patronage.

The Manager identified compelling opportunity to invest in an entire South Melbourne block and retail strip in one of Melbourne’s most popular retail precincts with significant immediate and future upside by way of rental reversion and development/subdivision (STCA).

INVESTMENT STRATEGY

The investment strategy is to:

  • Remixing the blend of tenants;
    Seek rent reviews to higher market levels and lease extensions upon expiry of current leases;
  • Seek planning approval to sub-divide the shops and residences into separate titles;
  • Commence exit strategy to sell down separate shops, offices and residences once releasing is completed to retail investors where there is significant investor demand.

Podco Clarendon Street Co-Investment Fund

Clarendon Street, South Melbourne

The Property is an entire South Melbourne block known as 328-362 Clarendon Street, 49 & 55-69 Emerald Hill Place and 244-246 Park Street, was acquired in August 2015 for $27.5 million.

PROPERTY DETAILS

The Property comprises:

  • A row of 15 terraces in the middle of the Clarendon Street Shopping Precinct comprising 27 individual tenancies (15 retail shops, 2 office tenancies and 10 residential tenancies).

The property is securedly leased to Simmonds Homes, Simmonds Family Office, K-Line and Fujitsu.

The Manager identified compelling opportunity to secure a quality asset with repositioning potential in an improving commercial office market.

INVESTMENT STRATEGY

The investment strategy was to

  • Undertake Building Refurbishment
  • Re-lease vacant space
  • Reduce building operating costs
  • Seek lease extentions and market rental reviews on major tenant leases

The Manager has constructed a café on the ground floor and undertaken significant upgrades to the lifts, foyers, amenities and landscaping to maintain the building status a modern and desirable workplace for its commercial occupants.

Podco Co-Investment Fund No. 3

570 St Kilda Road, Melbourne

The property known as 570 St Kilda Road, Melbourne, was acquired in Sept 2012 for $23.8 million.

PROPERTY DETAILS

The building was constructed in 1990 and features 2 basement levels with 143 car parks, ground floor retail/office and 7 upper office levels with a standard floor plate of approximately 1,050m2. The total building NLA is approximately 7,737m2.

570 St Kilda Road is located 3.5kms from the CBD on the western side of St Kilda Road between Roy and Beatrice Streets. The Property has street frontages to St Kilda Road (30.48 metres) and rear access to Queens Lane and a site area of 2,323m2

The property offer 13,568 square metres of office space and is securedly leased to Just Group, Hardie Grant Publishing, Mattel, Ipsos Australia, and Parragon Publishing.

The Manager identified this property as an opportunity to take advantage of a combination of income from a range of quality tenants and capital appreciation through future rental growth, active asset management, tenancy remixing.

INVESTMENT STRATEGY

The investment strategy was to

  • Re-lease vacancy (Ground & Level 1) in Building 1
  • Pursue optional renewal in Building 1 for Just Group
  • Relocation and consolidation of Just Group into whole of Building 2 and initiate market rental reviews on option take up.
  • Reduce building operating costs
  • Consider future residential development option

The Manager has undertaken significant upgrades to the lifts, air conditioning, foyers, amenities and landscaping to maintain the building status a modern and desirable “A Grade” workplace for its commercial occupants

Podco Co-Investment Fund No. 2

658 Church Street, Richmond

The property known as Buildings 1 & 2 Richmond Corporate Park, Lot 2 – 658 Church Street, Richmond, was acquired in February 2011 for $42.0 million.

PROPERTY DETAILS

The property comprise two quality six level ‘A Grade’ office buildings with 274 car parks constructed in late 1997.

Situated on the western side of Church Street, directly adjacent to the northern bank of Yarra River, enjoying a landmark position next to Citilink and excellent views of the CBD and surroundings suburbs.

LEASING INQUIRIES

Please click on link below for detailed information

http://www.ebooklet.com.au/ebooklets/658church/