PW Diversified Income Trust No 3
The Primewest Diversified Income Trust No 3 proposes to initially acquire Red Hill Homemaker Centre. The Centre is a modern, large format retail (“LFR”) centre located in Queensland.
The Property’s highlights include:
- A well presented, modern LFR centre with a diverse tenant mix with future growth potential;
- A total gross lettable area of 16,275sqm;
- Anchored by The Good Guys and BCF, with 19 other LFR tenants and complemented by 6 service retailers;
- Ample parking with 495 at-grade vehicle bays;
- A WALE (by Area) of 4.74 years; and
- An occupancy rate of 100%’
PW Broadway Plaza Trust
The Trust provides Primewest Investors with an effective solution to access a unique real estate asset in the United States of America. Primewest have agreed a co-investment model with a locally based partner – Protea Properties (“Protea”) in San Diego, California, US. The first asset that The Trust is looking to acquire is Broadway Plaza – a premier regional ‘Power Centre’ fully leased with long term leases to blue-chip tenants. The Trust will be a single-property trust. Broadway Plaza, located in Chula Vista, 10 kilometres south of downtown San Diego, California. Broadway Plaza is a Costco/Walmart anchored ‘Power Centre’ which exhibits stable income returns across the centre in a location with potential capital growth, low retail vacancy and high population and economic growth.
The property’s highlights include:
- A premier regional ‘Power Centre’ fully leased with long term leases to blue-chip tenants comprising some 33,105sqm.
- Over 65% of the income is underpinned by Costco, Walmart, Petco and JP Morgan Chase Bank.
- A large 130,515sqm (32.251 acres) land holding.
- A high car parking ratio of 4.56 bays per 93sqm.
- A fully leased centre (100% occupancy).
- A WALE (by Income) of approx. 6.73 years.
- Under contract below total replacement cost due to the anchor tenants ground lease rents currently below market rental rates.
- Easily accessible from the Interstate-5 route – a major north-south highway servicing California and multiple entry points of the centre.
- A diverse and quality tenant profile, leased to 14 tenants.
PW Large Format Retail Trust No 1
The Primewest Large Format Retail Trust No. 1 intends to acquire two properties, Dandenong Home Quarter, VIC and Ipswich Homebase, QLD.
Dandenong Home Quarter is a modern, fully leased LFR centre located within a prime commercial and LFR precinct in South East Melbourne. The centre’s highlights include:
- Occupying a prominent, highly exposed corner position on a 31,780 sqm site.
- Leased to listed and national tenants, including The Good Guys, Super Cheap Auto, Fantastic Furniture, Rebel Sport and Office Works as anchor tenants and 5 other national tenants.
- Built in 2012 and presents in excellent condition.
- A WALE (by Income) of 4.37 years.
Ipswich Homebase is a modern, 2009 built LFR centre located approximately 1.25 kilometres south-west of the Ipswich CBD. The centre’s highlights include:
- Located within an established commercial and retail precinct on a 26,760 sqm site.
- Improvements are over three freestanding buildings, with dual street frontage maximising exposure and access.
- A fully leased centre, anchored by Spotlight, Fantastic Furniture, Best Friends Pets, TK Maxx, Chemist Warehouse, IGA Supermarket and 4 other tenants.
- A WALE (by Income) of 4.58 years.
Primewest will utilise its deep tenant relationships in the LFR sector to enhance the product offering. The diversity of retail categories and performance of the major tenants will help to mitigate the risk of impact of the arrival of Amazon. Also, LFR is relatively protected compared to shopping centres. It is intended that the Trust will target cash returns of 7.5% and a target IRR of 10%.
PW Diversified Trust No 2
The investment objective of this Trust is to provide a regular income stream to Investors of between 7.25% and 8.25% per annum over the life of the Fund with the potential for capital growth. The investment strategy is providing a diversified income return together with capital appreciation. We aim to Asset Manage the properties to increase tenant satisfaction and retention and to manage the properties during the leasing cycle to take advantage of the prevailing market conditions. We will look to Implement a strategic capital expenditure program that will assist in further improving the standard and value of each asset. The initial property is located at 20 Parkland Road, Herdsman and is a modern A-Grade office building. The property was constructed in March 2012 and comprises 5 floors of office space and 3 floors of podium car parking.
PW Diversified Trust No 1
This Trust is looking to acquire The Hunter Supa Centre in Rutherford NSW, a large format retail centre and Lisarow Plaza, a retail centre in Lisarow NSW. The Trust is projected to achieve an initial return on equity of 7% in the first year once fully invested; however this is not guaranteed by the Manager. The investment strategy for the Trust is to proactively manage lease expiries and tenants to create a stable and diversified income return. We aim to Asset Manage the properties to increase tenant satisfaction and retention and to manage the properties during the leasing cycle to take advantage of the prevailing market conditions. We will look to Implement a strategic capital expenditure program that will assist in further improving the standard and value of each asset.