The property comprises a modern office building built in 2009 with
5,295 m2 NLA, and a secure ground floor/basement car park providing
152 car spaces. The property was fully leased to Bunnings Ltd until August 2022.
Investment strategy: An opportunity to capture the significant rent reversion and value gain in the future following a building refurbishment and re-leasing. The refurbishment was completed in mid 2023 and re-leasing campaign is underway. The first 1,800 m2 has been leased from 1 Dec 2022.
Purchase Price / Date
$24.7m / Feb 17
Current Valuation / Date
$33.0m / Sep 2023
Equity Raised
$11.98m
Capital Returned
$1.1m
Estimated IRR to Date
8.3% per annum
