The Forza Grote Street Fund is a club style transaction between Forza Capital and a handful of investors given the small size of the Fund and short turn around timeframe.
The Fund has acquired 207 – 215 Grote Street, Adelaide, South Australia which is a high-profile corner site of 2,787m2 with a three-level stand-alone showroom building of 3,685m2 of Gross Lettable Area (GLA) and 9 staff car parks. The property is zoned Capital City Zone with a height control of 53 metres (13 – 16 levels).
Purchased for $9,100,000, the Property is leased for 7.1 years to national furniture retailer Early Settler and is well located given its proximity to the CBD, the Hospitals precinct and the airport.
The Fund is expected to provide investors and average cash distribution of 6.70% per annum over the life of the Fund.
- Date October 22, 2019
- Tags Operating Investments