390 St Kilda Rd, Melbourne VIC 3000
28-level commercial office tower including 22-levels of high quality office accommodation, ground floor retail and entrance foyer and five split levels of basement car parking for 212 vehicles. Total lettable area of 16,207m2, with efficient 750m2 floor plates with windows on all sides, providing an abundance of natural light.
Situated in a high profile location less than 2km from Melbourne’s CBD, the building offers great access to public transport and exceptional views over the Royal Botanic Gardens, Albert Park Lake and Port Philip Bay.
The disposal of 390 St Kilda Road in July 2017, realised an excellent return for investors with a profit on sale of 45%, and demonstrated the value brought to the portfolio through active and strategic management. Following acquisition, in February 2014, the building was upgraded and repositioned to appeal to a broader tenant sector. Fort Street Real Estate Capital managed the completion of the remediation and repainting of the façade, undertook a full lift upgrade and refurbished the ground floor lobby.
The refurbishment facilitated a further diversification of the tenant mix which, in turn, enhanced the occupancy by 14% to 98% prior to sale.
This sale highlights Fort Street Real Estate Capital’s ability to identify both acquisition and disposal opportunities and generate value for investors through active management, strategic leasing and targeted capital expenditure.
Weighted average lease expiry (WALE)
1 Calculated as of 30 June 2017