Forza Joseph Street Fund
6-16 Joseph Street, Blackburn North, Vic
KEY PROPERTY INFORMATION
|Purchase Date||March 2019|
The Forza Joseph Street Fund is a joint venture between Forza Capital and a family office which holds 10,803m² (1.08 hectares) of land in Blackburn North, Victoria. The Property comprises a two-level office/warehouse with 6,266m² of Net Lettable Area (NLA) and 73 at grade car parks.
Purchased at its underlying land value for $11,000,000, the property was 84% leased, but with the major tenant intending to leave. Since acquisition, a new major tenant has been secured and a refurbishment of office space has occurred as part of the repositioning and long-term hold strategy.
The fund acquired a strategic land parcel at land value with future rezoning potential
The Property is located in a small pocket of in industrial land surrounded by residential property. In the long-term, Forza Capital believes this location may be rezoned as part of a revised land use strategy.
The Fund was established as a joint venture opportunity due to the size of the acquisition and the short-term due diligence period that could be secured.