The Forza Grosvenor Street Fund is an unlisted property fund which holds a 3,880m2 landholding and a four level, 470 bay car park located at 38 Grosvenor Street and 33 Flockhart Street, Abbotsford.
Purchased for $12,000,000, the Fund acquired the property given its strong income, the size of its landholding and the strategic nature of the site which overlooks the Yarra River and is located within a rapidly gentifying part of Abbotsford. Currently zoned Industrial 1, the property is fully leased and has an average WALE of over 7 years.
The Fund intends to make a planning application to develop additional office space over the existing car park. The car park would remain as part of any development which would see the Fund retaining a significant office asset with associated car parking in a desirable part of Abbotsford providing strong cash flows to investors.
The Fund is currently providing investors cash distributions of 6.50% per annum.
- Date April 26, 2019
- Tags Operating Investments