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: | 6,175 m2 |
| 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 |
