Forza Grosvenor Street Fund
38 Grosvenor Street, Abbotsford, VIC
KEY PROPERTY INFORMATION
|Number of Car Spaces||470|
|Purchase Date||May 2019|
The Forza Grosvenor Street Fund is an unlisted property fund which holds a 3,880m² landholding with a four level, 470 bay car park located on the Yarra River in Abbotsford, Victoria.
The Property was purchased for $12,000,000 on an attractive initial yield of 6.76% and a WALE of 7.30 years. The site has a flood inundation overlay and was generally considered to have no further value adding potential. Forza Capital was able to acquire the site at its underlying land value and has since worked with Melbourne Water on a solution to resolve the flooding issue.
The Fund acquired the Property given its strong income, as well as the size and strategic nature of the site, which overlooks the Yarra River.
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 6.20% per annum.