Newmark Capital (St Kilda Road) Property Trust

417 St Kilda Road, Melbourne

417 St Kilda Road is a nine level tower with a diversified tenant profile and home to international and national technology companies. As one of only five A-grade office buildings on the premier city fringe boulevard, the property was identified by Newmark in 2012 as ideally positioned to take advantage of important growth opportunities within the  St Kilda Road office precinct including:

• low vacancy rates for A-grade property,
• limited new supply of office space including the withdrawal of supply due to residential development,
• the relative affordability of the precinct,
• increasing requirements by tenants to be located close to transport infrastructure.

Newmark further enhanced the asset and added value through:

• the introduction of a ground floor food offer which improved amenity and generated additional income,
• retained Oracle Corporation as a key tenant,
• negotiated new leases at improved rentals,
• and  improved the ground floor landscape and lobby experience.

The property was sold delivering strong income and capital returns to investors prior to the conclusion of the Trust term.