On behalf of one of our international clients, Fidinam have successfully secured the acquisition of a 5,700 square meter office building in the Melbourne CBD for $52m AUD. 22 William street is an asset steeped in Australia Heritage being the location of the original house of John Pascoe Fawkner one of the original pioneers who founded the city of Melbourne. In 1922 the State Electricity Commission developed the property for their Victorian headquarters, 22 William street has been a period commercial office building ever since. Over 10 levels 22 William Street comprises a unique offering in the Melbourne commercial office market for an historical asset of this type. The Fidinam Australia team are to undertake a substantial building refurbishment to bring the building up to current building codes, redecorate common areas, and increase the settable area of the building. Upon completion we are targeting cash on cash returns of over 8% per annum and a return on development costs of circa 30%. Our clients aim is to hold the property for the long term.
The Australian team have many years’ experience in acquiring, adding value and managing commercial properties in Australia, and should you be looking to invest please reach out to see if we can assist you. Our Managing Director Matthew Burrows can be contacted on firstname.lastname@example.org