TAC, 60 Brougham Street, Geelong
Commercial lease and potential for capital appreciation at Trust end. Forecast income yield of 10% per annum. The property at 60 Brougham Street Geelong was purpose built for the Transport Accident Commission (TAC). The TAC has occupied the property since early 2009. The weighted average lease expiry (WALE) on acquisition is 13.4 years and more than 95% of income is secured by the TAC.
The building is located in the Geelong central business district. It is one of the most environmentally sustainable commercial buildings in Australia with a FIVE STAR Green Star rating. IIG intends to improve the already strong energy efficiency of the building.
IIG has developed a strategy to achieve the following aims:
- Provide access to high quality, energy efficient commercial space available to social purpose organisation i.e. Not for Profit and/or Social enterprises;
- Activate the retail corridor with increased foot traffic;
- Achieve full occupancy of the Property and revitalise the common spaces.