Forza Blackburn Fund.

15-31 Alfred Street, Blackburn, VIC

Project Description

The Forza Blackburn Fund is an unlisted property fund which holds a massive 41,460m2 (10.25 acres) landholding at 15 – 33 Alfred Street, Blackburn, Victoria. The Property comprises a two-level office/warehouse with 20,259m2 of Net Lettable Area (NLA) and 210 at grade car parks.

Purchased for $31,500,000, the Fund acquired the property given its strong income, the size of its landholding and the strategic nature of the site which is closely located to the Blackburn Train Station, the Blackburn town centre and other important local infrastructure. Currently zoned Industrial 1, the property has the potential to be rezoned to Commercial 2 which may avail the Fund further rental opportunities into the future. In March 2019, the Fund also acquired an additional adjoining property in Ashburn Place for $3,200,000 given its strategic attributes.

Since acquiring the site, the Fund has undertaking a re-leasing and repositioning strategy which has seen the major tenant signed up for a 5 year extension to their lease as well as a significant upgrade to the existing vacant office space. In addition, the Fund has applied for a planning permit to construct an additional 2,500m2 warehouse on the site which will increase cash distributions to investors and the capital value of the Fund.

The Fund is currently providing investors cash distributions of 6.00% per annum.

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Project Details

  • Date April 23, 2018
  • Tags Operating Investments
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