Yield Plus Infrastructure Fund No. 1

Rezoning a favourite Kensington location

1-7 and 2-50 Elizabeth Street, Kensington, VIC

  • 2017 and 2011

    Acquisition of two sites

  • $14.4 million

    Acquisition Price

  • 15,725sqm

    Land Area

  • 2016

    Sale

  • $30.3 million

    Sales Price

This asset, made up of two lots purchased separatey and consolidated. It benefits from being located 300m south of Kensington Railway station and within 200m of the local main street. The site was successfully rezoned by EG from industrial to business.

Yield Plus Infrastructure Fund No. 1 is underpinned by a philosophy of ‘following the infrastructure’. The strategy invests in yield-producing assets likely to benefit from urban renewal, new transport and community infrastructure, rezoning, repositioning and/or redevelopment potential with a geographical focus on Australian capital cities.

EG successfully rezoned the site from Industrial to Business. EG stabilised the income profile and increased income by 40% before disposing the site in one line.

"The sale is a testament to the active planning and asset management skillset of the EG team. The strong market appetite for well-located assets delivering passing yield while allowing future land use change potential has also benefited these sites."