The property comprises a three-level office building constructed in 1987 of 3,747 m2 NLA.
Investment Strategy: An opportunity to undertake minor refurbishment works to lease up the first floor space that was vacant (46% of NLA). We also sought to explore the redevelopment potential for a luxury residential project given the site’s Yarra River south bank location and prime northerly aspect.
Investment Outcome: Whilst in the early stages of considering the redevelopment potential asset, Terraplex received an unsolicited offer to sell the building. The very strong offer was accepted resulting in a 34% gain on the purchase price.
Purchase Price / Date
$20.4m / Feb 2017
Selling Price / Date
$27.3m / Jun 2021
Investor IRR Post Fees
13.0% per annum