The property comprised a three-level office building constructed on 2001 with 9,306 m2 NLA and 334 undercover car spaces
The investment strategy identified at purchase highlighted the need to:
- Refurbish vacant space
- Re-lease vacancies
- Reduce building operating costs
- Sell down when the releasing is complete
Investment Outcome: Following the re-positioning, the building was sold. All up a 3.5 year investment horizon.
Purchase Price / Date
$26.25m / May 2014
Selling Price / Date
$43.5m / Nov 2017
Investor IRR Post Fees
24.80% per annum
