The investment strategy identified at purchase highlighted the 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.