Property Funds
Closed Offers
Mona Vale Development Trust
The Offer invites wholesale investors, for a minimum of $100,000, to participate in the development of 20 apartments in Mona Vale on the Northern Beaches of Sydney.
PrimeSpace seeks to raise $4,500,000 to facilitate the design and construction of a two storey complex, delivering large scale apartments offering views over Mona Vale beach.
Construction is set to commence in January 2009 for 15 months, and the investment term is forecast to conclude in September 2010.
PrimeSpace Property Investment # 4 – Orange NSW
This Offer was launched June 2007 to eligible wholesale and high net worth investors seeking active exposure to a property development project.
PrimeSpace secured on behalf of the fund a regional shopping centre and adjoining premises in Orange NSW.
The acquisition included seven separate properties which have various commercial and retail improvements, the largest of which was the Summer Centre shopping centre. The proposal is to consolidate the properties, significantly renovate and extend the shopping centre, develop a standalone commercial building and further a standalone bulky goods offering.
Construction is set to commence mid 2008.
PrimeSpace Property Trust # 3 – Burpengary Qld
The successful subscription to this Offer allowed for the acquisition of The Village at East Burpengary shopping centre, Burpengary QLD.
The acquisition gave rights over the development consent to construct an additional 3,100 sqm of retail space taking the neighbourhood centre to 4,250 sqm. The improvements reside on a 17,000 sqm parcel of land providing ample carparking and amenity to tenants and shoppers.
The centre in anchored by an IGA supermarket, Coles Liqourland, a pharmacy and adjoining medical centre and a standalone ABC Learning Centre.
Construction concluded in November 2007 and leasing opportunities are now available to fully lease the centre.
PrimeSpace Property Trust # 2 – Canberra ACT
Two properties were the core of this fund, that being the Melbourne Building in Canberra City and the Aldi supermarket at Gungahlin.
The Melbourne Building comprises of a two storey heritage building. The ground consists of nine retail outlets forming one of Canberra’s best known restaurant strips. The first floor is occupied by Quest Serviced Apartments who operate 37 executive apartments.
Aldi Stores expressed interest and committed to the purchase of the Gungahlin store prior to construction completion. The investors of the fund unanimously agreed to sell the supermarket and realise a short term profit.
The Fund retains part of the Melbourne Building in association with the Prime Access Property Fund.
PrimeSpace Property Trust # 1 – Gungahlin ACT
The inaugural PrimeSpace Fund provided the opportunity for wholesale investors to participate in the development of a 16,000 sqm mixed use development including 101 residential apartments, 40 retail units and an Aldi supermarket.
The construction of the complex spanned 20 months and delivered an asset with a gross realisation of $52 million. The investors shared in the development profit which returned 30% on equity funds employed.
The success of this Fund secured the start up of PrimeSpace laying the foundations and presenting opportunities to allow for its accelerated growth.