601 Coronation Drive
611 Coronation Drive
Partner
State Development Corporation
State Development Corporation
Location
Toowong, Brisbane
Toowong, Brisbane
Sale Price
$45 million
$15 million
Gross Investor IRR
17% p.a.
36% p.a.
Period
2006-2016
2013-2016
601 Coronation Drive
Partner
State Development Corporation
Location
Toowong, Brisbane
Sale Price
$45 million
Gross Investor IRR
17% p.a.
Period
2006-2016
611 Coronation Drive
Partner
State Development Corporation
Location
Toowong, Brisbane
Sale Price
$15 million
Gross Investor IRR
36% p.a.
Period
2013-2016
Investment Rationale
- Location: Toowong’s proximity to the Brisbane CBD appealed to RW Capital as a growing fringe office market near the main Toowong railway station and university. Each of the properties possessed development potential- 601 Coronation Drive (Greenfield Office Development): RW Capital focused on optimising the development approval, securing pre-commitments for 40% of the available space and appointing a builder on a fixed price contract
- 601 Coronation Drive (greenfield office development): RW Capital focused on optimising the development approval, securing pre -commitments for 40% of the available space and appointing a builder on a fixed price contract
- 611 Coronation Drive (pivoting to realise the highest return):RW Capital pivoted from a strategy of developing the office building to selling the building to Scape. RW Capital recognised an opportunity to take advantage of the demand for student accommodation