• 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
Other Projects

Post Office Square

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%.

Dee Why Market, Dee Why NSW

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

Armidale Plaza Shopping Centre, Armidale NSW

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

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