Fidinam (Australasia) Real Estate Pty has successfully acquired a commercial office building in Melbourne Australia on behalf of its clients. 22 William street comprises a 5,700 square metre office building, with some 20 tenants, purchased for $52m AUD. The building originally built in 1922, has undertaken a number of additions and refurbishments over it almost 100 year history. From an investment perspective we are looking to invest substantial capital into the repositioning of the building, completely upgrading all services, common areas, amenities and increase the net lettable area by over 1,400 square metres (increase of 25% of income producing accommodation). This is an exciting opportunity for both our clients and Fidinam, to reposition a dated building, into a 21st century modern office building. Development and upgrade of the property is expected to take around 12 months and we have engaged leading architects, heritage consultants, engineers ,etc to ensure delivery of what will be one of Australia’s best boutique heritage offerings.
From a property economic perspective, we remain strong believers in the Melbourne property market, current occupancy levels across total office stock is over 96%, resulting in on going rental growth. As Australia’s second largest city (soon to overtake Sydney), the long-term fundamentals in this market remain very strong.
Fidinam (Australasia) Real Estate currently provides investment management services in Australia and controls a portfolio of circa 500m in commercial real estate on behalf of its clients. Our Client are long term belivers in the Australian property market, should you be interested in investing please reach out to Matthew Burrows Managing Director Fidinam (Australasia) Real Estate or your Fidinam relationship manager.