B-grade office asset with strong fundamentals and attractive purchase metrics
The property comprised a 12 level B-grade office building with six levels of office accommodation and six levels of parking accommodating 260 cars. On acquisition the building was 85% occupied with a number of monthly and short-term leases in place.
The strategy focused on repositioning the building by undertaking a comprehensive cosmetic and base building upgrade, together with a targeted leasing/re-leasing campaign in order to maximise the value of the asset which was sold in October 2015 after successfully executing on this strategy.