• 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
Other Projects

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

Residential Apartment Fund (AMRAF), NSW

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

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

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%.