Central Square was an investment committee case focused on the acquisition and repositioning of a B-grade office asset located opposite Central Station in Sydney. The project developed a brown-to-green value creation thesis centred on under-rented government-backed income, ESG repositioning through a NABERS 5-star upgrade, and leasing upside driven by Tech Central demand spillover. The recommendation proposed acquiring the asset at A$320M–A$335M with a targeted 18.1% levered IRR and 2.1x equity multiple over a 4-year hold period.

The project involved investment underwriting, valuation analysis, capital structuring, lease-up strategy, and downside-risk management. Key workstreams included tenancy and vacancy analysis, cap rate sensitivity modelling, financing and covenant analysis, NOI bridge construction, and the design of a four-phase repositioning roadmap covering acquisition, transition, lease-up, and institutional exit. The final investment memo framed the asset not as passive office exposure, but as a time-sensitive ESG-led repositioning opportunity tied to the long-term transformation of the Central Station and Tech Central precinct.