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620 Church Street, Richmond

Purchased in 2001, 620 Church Street was repositioned several times throughout its 15-year ownership with significant refurbishment works undertaken to enhance income returns and create a greater retail amenity. Prior to its sale, Vantage obtained a town planning permit for additional accommodation on the roof of the property. Long-term leases were applied to the office accommodation and the property was sold off market at a 40% premium to valuation.

Purchase price:
$8.25 million
Sale price in 2016:
$23.3 million
Hold period:
15 years
Net gain for investors:
468.74% *
Total return for investors:
30.85% per annum
Premium to valuation: