The property comprises an A-Grade freehold office building constructed in 1990, centrally located in Hobart’s CBD with 10,037 m2 NLA and 55 car spaces on site.
Investment strategy: To undertake fit out works and re-lease the vacant space to suitable tenants as well as grow rents and extend leases to the remaining tenants. We will then hold the asset for a period of 6 to 8 years by which time all the competing releasing and renewals should be completed.
Asset management initiatives include leasing vacant space and renewing leasing to the Tasmanian State Government on long term leases. Passing net income is up 57% and WALE has increased from 2.1 years to 7 years (as at 31 December 2031).
Purchase Price / Date
$35.15m / Nov 2019
Valuation / Date
$52.0m / Aug 2022
Estimated IRR to Date
19.3 % per annum
