329 Bay Road, Cheltenham VIC
Mixed use development – retail, industrial, storage and childcare
Acquisition date: July 2016
Forecast project revenue: $30.7 million
Target Investor return: 1.5x equity invested over 24 month investment term
Investment partner: Trumen Corporation Pty Ltd
Located in the heart of the prominent Bayside suburb of Cheltenham, the property has good access to public transport as well as close proximity to excellent local amenities including gyms, cafes, parklands and golf courses. The majority of the 11,800m2 property is currently vacant (formerly a furniture showroom) and will be immediately developed once approval is obtained from council.
The strategy for the investment is to develop, strata and sell the completed warehouse and high-tech units, storage units, childcare centre and retail showroom over the 24 month investment term. Practical completion is expected in early 2018.