23 Bourke Road, Alexandria

Acquired on-market for $24.5m in March 2018, 23 Bourke Road Alexandria comprised four existing industrial tenancies and was purchased as a longer term investment which would ultimately become Stages 2 & 3 of the office campus being developed at Tipalea’s adjoining 29 Bourke Road property.

The combined site of 23 and 29 Bourke Road represented a rare 1.1ha of commercially zoned land only 400m to Green Square train station. However, after undertaking a minor refurbishment, we received an unsolicited offer some 55% above what we had paid for the property only five months prior. It was a compelling offer.

Project Statistics

Address: 23 Bourke Road, Alexandria
Site Area: 6,175m2
Net Lettable Area: 5,000m2
Sale Price: $38,500,000
Investor IRR: 32%
Equity Multiple: 1.5x
Site Purchased: March, 2018
Sale Date: August, 2018
Builder: Mainbrace Constructions
Bank: Commonwealth Bank