We didn’t just see a commercial property. We saw the potential of the property to enhance investment returns.
|
Location (City) |
Asset Type |
Transaction Date |
Size (Sqm) |
Value (USD) |
|
Melbourne |
Office | July 2020 |
21,423 |
$103 million |
Buyer: TE Capital Partners Pte Ltd
Seller: 3L Alliance
Services provided: Brokerage
The Challenge
- Older ‘B Grade’ commercial office building with current ongoing reconfiguration and construction works resulting in reduction of Net Lettable Area (NLA)
- Not within Melbourne’s preferred office precincts
350 Queen Street comprises a ‘B Grade’ commercial office building constructed in 1990. As a result of podium reconfiguration works, the NLA has been reduced for the next 12-24 months. The property, located within the ‘Flagstaff’ Precinct is not within one of Melbourne’s preferred office precincts.
The Strategy
Strategic marketing of the asset to reflect the major capital expenditure program undertaken for the building, as well as reflecting location benefits.
The Solution
We provided sales, marketing and research services for the vendor, throughout the sales process, along with regular updates.
The Result
Terms for the sale were initially agreed in late 2019 in an ‘off-market’ negotiation brokered by Colliers, before the onset of COVID-19.
Following that, terms of sale were renegotiated to reflect the change in market conditions as well as projected capital expenditure
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