A 1,404 sqm heritage-listed, multi-tenanted boutique office with 6 storeys and 3 street frontages. It was purchased for AUD12m (AUD5.7m equity) in 2013 – undertook leasing strategy, maximised rents and capital value. Sold for AUD21m in late 2019, resulting in an IRR of >30%.
Purchased in 2013 for AUD12m at a 7% yield.
Under-rented.
Office and residential use allowed.
Increasingly attractive location.
Forecast increased occupational demand for creative space by tenants.
Capture rental growth.
Undertake capex program.
Sold in September 2019 for AUD21m (5% yield) resulting in an IRR of >30%.
