136 Exhibition Street, Melbourne

• Commercial

136 Exhibition St was a fully let 12 level office building of 7,460sqm comprising a ground floor showroom, ten levels of office space and an 11th floor penthouse suite.

Purchased well below its replacement value in 1997 for $7.56m, the property provided positive cash flow from day one as well as an attractive tenancy mix. An investment syndicate, made up of approximately 10 members of which Drapac was an equity contributor and manager, owned the property which was sold in October 2003 for $16.3m. A combination of attractive leases, good tenancy mix and sound management contributed to an outstanding return on this investment.