441 South Road, Bentleigh

Project Outcome
  • Purchased a highly prominent office building at extremely attractive core purchasing metrics of $4,073/sqm on land value, $2,595/sqm on building area and a c. 9.25% fully let net yield.
  • The property has a great car parking ratio of 2.3 per 100sqm, with 24 secure under croft parking bays.
  • Directly adjoining Moorabbin train line and 250m from the station entrance.
  • Strategy to lease the vacant 25% of space and undertake building service and aesthetic regeneration works.
Summary
  • StatusCurrent Investment
  • SectorOffice
  • Debt FundingWestpac Banking Corporation
  • Acquisition Date March 2024
  • Building Size1,050sqm
  • Land Area669sqm
  • ZoningCommercial 1
  • Acquisition StrategyCore plus strategy with long-term hold
Key project features:
  • 2 level office building offering a high car parking ratio and efficient floorplates.
  • Direct proximity to Moorabbin Activity Centre & Moorabbin Train Station.
  • Prominent frontage with a side core configuration and flexible floorplates.
  • Flooded with natural light, never to be built out.
  • Capital upgrades (aesthetic): façade upgrades, new lobby, EOT, bathrooms, car park and landscaping upgrades.
  • Capital upgrades (services): LED lighting throughout, CCTV, access control and mechanical upgrades.
Capital Works: