William St

Location

The subject is located within the Civic Core of the Melbourne CBD in the City of Melbourne LGA, home to famed alleyways and arcades and its distinct blend of contemporary and Victorian architecture. Flinders Lane, specifically, is primarily characterised by low and mid-rise heritage buildings, with retail uses to the ground floor and upper-level offices. These buildings are interspersed with similar vintage buildings converted for residential or hotel use, as well as some new buildings.

Flinders Street Railway Station is approximately 700 metres east of the Property, Southern Cross Station approximately 600m to the west, whilst tram services are available close-by on Flinders Street, Collins Street and Swanston Street. Upon completion, the location will be benefitted by the addition of Town Hall station which forms part of the new Metro Tunnel project, approximately 600m from the Property. Access to the M1 freeway is provided via Exhibition Street providing linkages to the south-eastern suburbs, while St Kilda Road accesses the south.

Development

The project will improve the underutilised building by constructing one additional floor of light weight structure to create Level 11 and by widening the building throughout via a light-weight steel and glass structure. The improvement will bring its Net Lettable Area (NLA) to 6,999m2. The refurbishment works is now 90% completed.

Purpose

To provide funding for the refurbishment works and addition of new steel and glass structures to increase the Net Lettable Area of the building.

Exit Strategy

The primary exit will be refinancing via a long-term debt facility with a major bank.

Construction Progress

90% completed.