2 Station Street, Moorabbin
Project Outcome
- The purchase of 2 Station Street is an opportunity to protect and enhance the collective return to investors of WIN Align Moorabbin Office Trust (1001 Nepean Highway #1).
- Building underwent an extensive refurbishment internally and externally and was taken from vacant possession to 100% leased over a 12-month period.
- Welcomed anchor tenant to the ground floor, Commo Food & Wine, on a new 7-year lease which further assisted in gentrifying the precinct.
- Registered a restrictive covenant on the site to limit future development height – protecting the signage and telecommunications income of the adjoining property at 1001 Nepean Highway
Summary
- StatusComplete
- SectorOffice / Retail
- Co-InvestorWingate Property Finance
- Debt FundingWestpac Banking Corporation
- Acquisition DateDecember 2021
- Building Size375sqm
- Land Area210sqm
- Zoning Activity Centre
- Acquisition StrategyFull regeneration and re-lease
Key project features:
- High exposure and well-located small format office retail and office building.
- 50m from Moorabbin Train Station, within the Moorabbin Activity Centre and retail core.
- Strategy to extensively regenerate the asset via capital upgrades and re-lease.
- The zoning allowed for an as of right development height of 23m equating to seven levels. Key the asset strategy was to implement a restrictive covenant on the title to limit this height to not negatively impact the value of the adjoining holding at 1001 Nepean Highway, while also delivering an accretive return to investors via the refurbishment / re-leasing activities.
Capital Works:
