Major Investment Properties

This commercial building is located at a prominent location in Melbourne with unobstructed parkland views, and surrounded by international retailers and restaurants. The building provides a lettable area of approximately 110,000 sqf across the ground floor and 15 upper office levels, with basement parking for 23 cars. The building has a site area of 13,358 sqf and benefits from dual street frontage, with direct access to the underground Parliament train station. The acquisition is expected to be completed in the first half of 2019 with an acquisition cost of approximately AUD112 million in which the Group has an 41.9% effective interest.

The building is currently vacant and a series of upgrading and refurbishment work will be undertaken to bring it to Grade A specification after completion. The rental yield after refurbishment is expected to be about 6% per annum.