675 Victoria Street, Abbotsford, VIC

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