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Office
Sector
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2015
Acquisition
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$45.9 million
Acquisition Price
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2018
Sale
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$93.9 million
Sales Price
The B grade office asset is a c.12,000sqm, multi-let property located in Melbourne’s legal precinct, adjacent to flagstaff station.
EG’s Core Plus Fund invests in Australian real estate (office, retail, industrial) where EG can enhance returns through re-letting, capital expenditure programs and asset repositioning to secure increased rental returns and capital growth over the medium to long term.
Following the completion of a planned capital works program, EG executed a targeted lease campaign and executed new leases and lease renewals on over 70% of the property, including a new anchor tenant.
EG delivered a repositioned asset with significant upgrades to the ground floor lobby and end of trip facilities. At disposal, the asset was 100% leased with a strong WALE and the NABERS improved to 5 stars from 4 stars at acquisition.
"The property has seen a complete turnaround during our hold period and is now a quality B grade asset boasting a strong leasing success rate and excellent environmental credentials. A prime example of EG’s core plus strategy."
