Podco Co-Investment Fund No. 1

Doncaster Road, Doncaster

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.

Performance to date
Purchase Price:$17.3 m
Gross Realisation$23.0 m
Investor IRR– Post Fees49.0%