Acquired for $13.4m in June 2017, 29 Bourke Road is a fully-leased four unit industrial estate.
Located within the transformational area of Green Square, the property is only 450 metres from Green Square Train Station.
This precinct is undergoing a seismic shift from its old industrial roots to a vibrant new residential and commercial village.
Identifying the rapid change and increasing demand for South Sydney, Tipalea saw the opportunity to develop a leading commercial project close to major transport links for the future employment base.
In November 2018, the City of Sydney council unanimously approved Tipalea’s ground-breaking development application for 10,000 m2 of creative commercial space at 29 Bourke Road.
29 Bourke Road is set to be a significant development for Alexandria and will interconnect two buildings to optimise natural light and views over Perry Park and of Sydney CBD.
Standout features of 29 Bourke include state-of-the-art end of trip facilities, interconnecting staircases, generous break-out areas, entertaining balconies and a public art piece in the courtyard.
The buildings will achieve a 5.5 star NABERS rating and have a full solar array and water harvesting on site. The solar network should generate around 20 % of all tenant electricity usage at almost no cost and these savings will be passed on in full to the tenants.
29 Bourke Road is now the closest new development to Green Square Train Station and the project is set to capitalise on the demand for commercial office space in the CBD fringe. Alexandria is going through a rapid transformation, shaking off its industrial roots and emerging as a high-density neighbourhood village and commercial hub for creatives and major corporates.
For more detail please visit www.29BourkeRd.com.au
After receiving a very strong unsolicited offer for its flagship project, Tipalea Partners has sold 29 Bourke Road, Alexandria to a Sydney based private developer for $31m.
The sale delivers strong returns for Tipalea’s investors who have received an IRR of 71% p.a. and an equity multiple of almost 2.4x.
Scott Spanton, CEO of Tipalea Partners remarked that “whilst the development of this project was to be the cornerstone of our third generation of funds, the returns we have been able to secure without any development risk far outweighed any other considerations. We are also very pleased that the purchaser shares our vision and belief for the emerging precinct of Alexandria and wish them well.”
Both the original purchase and sale transactions were negotiated by Michael Crombie of Colliers International.