In just over 12 months, we were able to more than double the value of the property, which we achieved through two separate transactions in April this year: specifically, the sale of the office, warehouse and manufacturing facility for $12.75m, as well as of a vacant parcel of land that was subdivided at the rear of the site, which was sold for $2.5m.
Prior to these sales, we undertook significant capital works to regenerate the facility for the sitting tenant, The Food Revolution Group, and carried out a two lot subdivision to separate the vacant lot. Our Managing Director, Charlie Buxton, believes that by leveraging Cadence’s development and construction expertise, we were able to drastically improve the property for the tenant’s specific use, while simultaneously bringing it back up to investment grade and extracting additional value from the vacant land. We’re incredibly proud of our team for the work they have done over the last year to drastically increase this property’s value on behalf of our investors.
For further details, see Larry Schlesinger’s story in the AFR.