This property was acquired in December 2009 for $17.3 million.
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The property
Features at the time of purchase included:
Four two-level commercial buildings constructed between 1994 and 1998 on separate titles with 8,921m2 NLA
Associated car parking and prominent exposure to Doncaster Road.
Securely leased to Silverstone Jaguar, Ambulance Victoria, Hanson Construction Materials, Guardian Security and Shaver Shop.
The investment
The original investment strategy highlighted the need to:
Re-lease vacancies.
Reduce building operating costs.
Commence a sell down of each building when the releasing of each building is complete. All up a 3-4 year investment with the majority of debt paid back from the sale of the first two buildings.