AsheMorgan participates directly in property investments where projects meet risk guidelines and asset investment profiles and where we are able to add value through active participation in asset delivery and management. We actively seek commercial, residential and retail opportunities throughout Australia.
AsheMorgan‘s philosophy is based on earning superior returns for its investors and clients by investing in value-add opportunities in quality assets, whilst accepting an active participation and decision making role. We believe that if we manage transactions appropriately and deliver on our promise to investors, a strong platform for growth will be established.
AsheMorgan has been in the market for over 30 years and has a strong and trusted network of developers, builders and equity providers who participate in joint ventures.
AsheMorgan’s assessment of an investment opportunity is guided by:
- A focus on development transactions and existing assets requiring re-positioning
- Partnering with compatible and capable counterparties. They must have proven skills and resources and a high level of integrity
- Well planned and executed asset management strategies supported by efficient capital planning and financial leverage
- Not relying on yield compression or market movement for improvements in asset prices
- The ability to enhance value through active intervention and specialist management skills
- Extensive due diligence including consideration of general market factors such as supply and demand economics and asset specific factors such as build quality, market positioning and local environment
- AsheMorgan applies the same care to the investment of third party monies as to the investment of its own funds. AsheMorgan represents third party investors in a way that ensures that all interests are aligned and co-invests a portion of the capital in syndicated arrangements when necessary.
Investments all have a high degree of transparency, including documentation, reporting, fees and conflict management.
- Purchased a portfolio of assets located in Docklands Victoria for a combined value of $146,000,000.
- The overall portfolio includes the Harbour Town Shopping Centre (40,818sqm of GLA), Harbour Town Car Parks (2,818 car spaces), Medibank Ice House and a number of development sites with masterplan approval (28,000sqm).
- Located within walking distance of the Melbourne central business district, the property benefits from its close proximity to major arterial roads and access to all modes of public transport including tram, rail, and bus.
- The purchase of the Property provides an ideal opportunity for the reinvention of Harbour Town into a destinational retail centre including entertainment, commercial and residential uses.
- Acquired a leasehold interest in a retail centre and 316 bay car park located within the centre of Brisbane’s CBD for $67,000,000 in partnership with the Bricktop Group.
- The property provides a total of 1,756sqm of net lettable area orientated to food and personal services. Tenants include a number of national retailers.
- The car park is leased to Secure on a long term lease.
- The property provides significant opportunity to improve the net income through refurbishment and reconfiguration and for the extension of the current ground lease arrangement.
- Total equity contribution of $29,000,000 with a 5 year horizon targeting an IRR return of circa 18%.
- Purchased a six level commercial building located in Burwood NSW for $35.6m in a joint venture arrangement
- The property provides a total of 6,693.40sqm of net lettable area with two levels of below ground car parking
- The building is wholly occupied by the Transport Services division of Transport for NSW – a State Government agency
- Surplus FSR on the site provides an opportunity for further development
- The property is located within walking distance of major public transport networks as well as regional and sub-regional shopping centres
- Acquired the leasehold interest in an existing shopping centre and an adjacent site comprising two retail tenancies located in Hurstville NSW for $27 million in a joint venture arrangement
- The joint venture redeveloped the centre into a ‘neighbourhood’ super centre comprising 9,000 sqm of NLA
- Total refurbishment cost of $12 million including tenant incentives and finance costs
- The joint venture secured Coles as the anchor tenant with further leasing completed to a mini major, Blockbuster, KFC and 40 specialty stores
- Acquired a walk up, neighbourhood shopping centre in the established suburb of Dee Why with NLA of 4,614sqm and further development potential for $22.5 million
- The centre is a convenience based shopping centre anchored by a Woolworths supermarket and liquor store, a gym, a reject shop and some specialty tenancies
- Originally built in 1978, the centre underwent an extensive refurbishment in 2008/2009
- Equity of $9.9 million raised in fund with a 5 year investment horizon
- Acquired a leased industrial facility with NLA of approximately 8,500sqm in a joint venture arrangement
- Initial value of $14 million
- Principal tenant is Iveco Trucks Australia – a wholly owned subsidiary of Fiat Industrial Company whose operations have been on the site for over 20 years
- Opportunities identified to increase the value of the property by negotiating an extension of the Iveco lease and developing surplus land for a possible further 10,000sqm of warehouse and office space
- Acquired 6 hotels in regional Queensland as part of a Joint Venture with the existing asset manager
- Value at establishment of the joint venture was $32.6 million
- The asset manager was an experienced pub investor and operator
- Strategy to improve operating performance through decentralised management, operational improvements and targeted capital expenditure
- The portfolio’s trading performance to date has exceeded expectations since AsheMorgan took over management
- Acquired a shopping centre in suburban Brisbane for $39 million with NLA of 8,200sqm and development potential
- Redevelopment to occur in two stages with capital improvements and re-leasing of existing centre followed by major expansion on adjacent vacant land with completed centre up to 16,000 sqm
- Tenancy currently includes Coles and 37 specialties. Significant interest in occupancy for expanded space, including other majors and DDS’s
- Equity of $18 million raised in fund with 5 to 7 year investment horizon
- Discounted purchase of a debt facilities for $14.5 million secured by a shopping centre in Armidale New South Wales with NLA of 16,782sqm and leasing upside
- On purchase, the tenancy profile included a Country Target, Kmart and 69 specialty stores. With no supermarket offering the centre suffered from speciality vacancy
- Following purchase, a lease agreement was executed with Supa IGA for a 2,875sqm supermarket anticipated to encourage stronger trade and traffic numbers and speciality leasing was undertaken
- Purchased a residential development in Red Head NSW at discount to valuation
- The building comprised 16 individual residential apartments less than two years old and unoccupied
- AsheMorgan purchased the apartments with a view to sell these down over a 15 month period
- Sales prices were adjusted to meet current market demands
- AsheMorgan maintained control of the management of the assets and the sales agents’ marketing strategies
- The apartments were successfully sold at market rates within 8 months providing a capital return of 1.74 times
- A $59.5 million joint venture between AsheMorgan and the Bank of Scotland, established as a solution for the workout of residential development residual stock assets held by both companies
- The total assets held comprised 134 individual residential apartments
- AsheMorgan managed the fund with the objective of selling down the apartments over a four year period
- Sales were maintained ahead of targets on both price and timing
- AsheMorgan added value through the effective management of the assets and the sales agents’ marketing strategies