A modern office building built in 2009, the property was purchased in 2017 for $24.7 million.
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The property
Features of the property at the time of purchase included:
Strategic location in the Cato Street Business District with close direct access to Monash Freeway/Citylink with 5,295 m2 NLA
Securely leased to Bunnings Group Ltd with a 3.2 year WALE (remaining) and growing distribution yield.
Proximity to two Tooronga Shopping precincts and walking distance to Tooronga Train Station.
The investment
The investment strategy highlighted the need to:
Consider that the rent for building is significantly below market. This allows for significant rent reversion and value capture to be gained in the future under a new lease.
Once market rents are achieved at time of new commencement, the building provides excellent potential for presentation for sale.