132 Grenfell St Adelaide

This property is a 3100 sqm Heritage detached building with 8 shop/restaurants at basement and ground floor,with 3 floors of offices over. It was purchased by a JV called GDI 31 Pty Ltd with LREA Australia at a price of $5.05m in Sept 2007.Richard ran the entire project from purchase to sale. Initially the plan was to strata title the property and consent was obtained after resolving a number of Heritage issues. Part of the office areas were re furbished for marketing purposes, and from that a pre let was negotiated with Kaplan Business School on a new 12 yr lease of all office areas. The property was subject to a complete refurbishment programme including a new roof, complete external decoration and repairs,new air conditioning, complete new office floors, ceilings lighting power boards lobbies etc and work to increase the energy effeciency which achieved a 4.5 star energy rating.Four of the retail units were re let after some works, and the property was sold in May 2012 for $10.8m. The project was very successful and returned an IRR of 35% pa over the 4.5 yr period