Acquistion of units in the asset owning entity of 1 Cambridge Street, West Leederville. Situated within the improving West Perth office market precinct, and on the doorstep of commuter infrastructure. Our investment strategy is for a full building refurbishment prior to taking to market for lease.
- A 2006 built, four-level office building of 4,075sqm lettable area and 122 secure car bays, providing tenants an excellent tenant parking ratio of 1 bay per 34sqm
- Acquired well below replacement cost and underpinned by a high underlying land value
- A highly visible site providing significant exposure to over 157,000 vehicles per day from both the Thomas & Loftus Street interchange and Mitchell & Graham Farmer Freeways
- An experienced Investment Manager and builder with a proven track record of completing significantly larger, complex construction programs
- A short term two-year investment strategy targeting structural maintenance and fitout works proposed to be completed within the first nine months, followed by full leasing and divestment within two years
- Capital works will deliver a 40% improvement in building energy efficiency at completion with landlord targeting a 5 star NABERS building rating
- Maintenance program, incentives and all fit out costs fully funded