This modern office asset is located in a prime position in an urban renewal precinct of Port Melbourne.
The property is a modern commercial office building consisting of 9,212.6sqm of net lettable area across four floors of office space while providing 344 car spaces. The property is 100% occupied by five high calibre, first generation tenants and has a lease expiry profile of 4.0 years. The property is a strategic long term investment, which is projected to provide a stable cash flow with potential for greater growth, with current rental rates below market, as the Fishermens Bend Urban Renewal Project results in the gentrification and renewal of the precinct.
This building holds a 3.5 star NABERS rating.
| Ownership interest | 100% |
| Cap rate | 6.25% |
| Valuation date | October 2017 |
| Acquisition date | October 2017 |
| Site area | 11,710m2 |
| Net lettable area | 9,213m2 |
| Occupancy | 100% |
| WALE by income | 4.0 Years |
| Rent review stucture | Fixed |
| Major tenants by income |
Workwear Group, George Weston Foods, K Line Australia, Emirates Retail Leisure and Preston Motor Group |
| Parking spaces | 344 |
| Valuation range | $40-50 million |