• Purchased a portfolio of assets located in Docklands Victoria for a combined value of $146,000,000.
  • The overall portfolio includes The District Docklands Shopping Centre (40,818sqm of GLA), The District Docklands 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 The District Docklands into a destinational retail centre including entertainment, commercial and residential uses.
Other Projects

Residential Apartments, Red Head NSW

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

Marsden Park Shopping Centre, Brisbane QLD

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

Industrial Warehouse, Rocklea QLD

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

Hurstville Central Shopping Centre, Hurstville NSW

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