Buildings 1 & 2, 658 Church Street, Richmond, VIC

The property comprises two, six-level commercial buildings with associated car parking constructed in late 1997 with 13,568 m2 NLA and 274 car spaces.

Investment strategy: Capture capital appreciation through market rental growth, active asset management and tenancy remixing.

Asset management initiatives included the construction of a new end-of-trip facility, significant upgrades to the base building, lifts, air conditioning, foyers, amenities and landscaping. This has succeeded in maintaining the building’s status as a modern and desirable A-Grade workplace for existing and future tenants.

Purchase Price / Date

$42.0m / Feb 2011

Current Valuation / Date

$151.0m / April 2022

Capital returned to date (% of original invest.)


Estimated IRR since inception – PostFees

20.3% per annum