Commercial Repositioning in Mount Waverley
Located in a blue-chip suburban commercial precinct, 88 Ricketts Road features 18,000sqm of business-zoned land comprising a four-level 4,000sqm office building and a 6000sqm warehouse. The property was purchased as a high yielding long-term investment with strong underlying land value.
The strategy on acquisition was to rebrand and reposition the 1980’s buildings with upgrades to several main services and cosmetic enhancements to increase occupancy. With a strong focus on active asset management and marketing, Up Property secured new tenants, and saw the property sell in 2015 with 100% occupancy and a WALE of approximately five years. The property derived income from 11 different tenants, including major brands such as Bluescope Steel and Try Australia.