In 2010 Titanium identified Surry Hills as a promising location for redevelopment. 79 Commonwealth Street was acquired with the goal of repositioning the Surry Hills asset as a modern creative office for SME’s. At the time, the rent in the area was $380/sqm gross, well below neighbouring CBD averages.

The redevelopment was completed in 12 months and an additional floor was added to the building. Post development the building was successfully leased at $650/sqm. Initial equity has been returned to the partners and the building continues to deliver a 25% yield on initial investment. The building was purchased for $7.5 million in 2010 and was recently valued at circa $33 million.