This article is from the Australian Property Journal archive
BOUTIQUE investment manager Terraplex has sold a Port Melbourne office building to Abacus Property Group for $43.5 million after buying it only three years ago for $25.25 million.
Abacus has acquired the 187 Todd Rd Port Melbourne, a four-level commercial office building comprising 9,212.6 sqm of office space with 344 car parking spaces. It is 100% occupied by five tenants and has a lease expiry profile of 4.0 years.
Abacus said the property is a strategic long term investment, which is projected to provide a stable cash flow with potential for greater growth, with current rental rates below market, as the Fishermens Bend urban renewal project results in the gentrification and renewal of the precinct.
The property was purchased by Podco, a subsidiary of Terraplex, for $26.25 million in April 2014.
Podco acquired it from Challenger Diversified Property Group and Challenger Life Company.
Australian Property Journal
