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:6,175 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
Scroll to Top