1001 Nepean Highway, Moorabbin #2

Project Outcome

  • Delivering core plus strategic objective to grow and stabilise property income, holding for the long-term.
  • 100% occupancy achieved with remaining underwritten office space leased on new 8 year lease to Alfred Health within 6 months of acquisition.
  • Continuation of WALE extension leasing activities and seeking further value-add activities within the site.

Summary

  • StatusCurrent Investment
  • SectorOffice
  • Co-InvestorWingate Property Finance
  • Debt FundingWestpac Banking Corporation
  • Acquisition DateAugust 2021
  • Building Size5,948sqm
  • Land Area3,945sqm
  • ZoningActivity Centre
  • Acquisition StrategyCore Plus / Long-Term Investment

Key project features:

  • The asset was re-syndicated as part of a longer-term value enhancement strategy.
  • Strategy to further enhance property income and improve income WALE over time.
  • The Moorabbin Activity Centre is identified as a key growth node, with the asset to take advantage of this continued precinct gentrification.
  • Potential for further development of the site, subject to council approvals and negotiations.