The property is a part of the Northbank precinct, one of Melbourne’s largest integrated waterfront mixed-use developments, which has been transformed into a vibrant commercial, retail, and residential precinct.
The WTC complex was originally completed in 1983 and consists of four interconnected office buildings (tower 1 is owned by another entity). Towers 2, 3 and 4 provide a total of nearly 50,000sqm of net lettable area offering approximately 43,500m2 of office space, 4,600m2 of retail space including a retail arcade with restaurants/bars fronting the Yarra River, a childcare facility. The property has a 4.0 star NABERS rating.
The building is situated to the northern side of the Yarra river with a southerly aspect over the water. This frontage has been activated with a pedestrian link between the CBD and south wharf/southbank. The rear of the complex faces Siddeley Street accessed via Flinders Street, while pedestrian connectivity to the cbd/docklands is provided by way of an elevated footbridge over Flinders Street.
70% of this property is held in joint venture with Abacus and global investment firm KKR owning 25% and 75% respectively. The remaining 30% is held by the original vendor Asset 1 WTC, a private investor.
|Valuation date||June 2016|
|Acquisition date||October 2014|
|Net lettable area||49,911m2|
|WALE by income||4.0 Years|
|Rent review stucture||Fixed and CPI|
|Major tenants by income||Victorian Police, Thales Aust Ltd and AiE|
|Valuation range||$0-20 million|