White & Partners successfully acquired 56 high quality residential apartments from an internationally renowned developer. The residual apartments formed part of the initial stage of a multi-staged master planned mixed use development known as “West Village”. Future stages will include commercial, retail and community amenity.
The highly structured transaction involved the synthetic acquisition of the apartments yielding significant benefits in the form of tax and stamp duty savings. The investment strategy comprises of two components. Initially letting up of all the apartments to cover holding costs and interest followed by a controlled and gradual divestment of the apartments. The timing and speed of the divestment will be determined by the market conditions noting the future completed stages of the West Village precinct will add considerable benefit to the underlying apartments.
The excellent location, quality and amenity of the apartments saw strong tenant demand and above average rental rates being achieved.
The White and Partners team diligently negotiated an attractive acquisition price which was near replacement value.