Sydney – 55 Mentmore Avenue Roseberry
55 Mentmore Avenue was acquired at the height of the Covid pandemic in 2020.
The vendor was an elderly retired gentleman who was very active in the rag trade and the building presented as a ‘lazy’ asset with high level of vacancy and traditional fashion tenants utilising the space inefficiently.
In due diligence, we realised that certainty of exchange and settlement was of paramount importance to the vendor. However, while the building was vacant and we were preparing a strategy to reposition it, we would not be able to rely on income. We therefore entered into a strategic partnership with Freehold Investment Management so we could buy the building without debt.
What we expect
The five-level office building is located on the corner of Mentmore and Morley Avenues and sits on a large 2,931sqm site. This is a great position as it is directly opposite destination retail offering, The Cannery. The office space offers a Net Lettable Area of 5,316sqm, with fifty basement and ten on-grade parking spaces.
Rosebery is adjacent to the Green Square Town Centre where the NSW State Government and the City of Sydney, alongside the private sector, are leading an $8 billion urban renewal project. The broader Green Square precinct represents one of Australia’s fastest growing neighbourhoods, with over 30,000 new residential dwellings.