Forza Grote Street Fund
207 - 215 Grote Street, Adelaide, SA
KEY PROPERTY INFORMATION
|Purchase Date||October 2019|
The Forza Grote Street Fund was established as a club style transaction between Forza Capital and a handful of investors given the small size of the Fund and short turnaround timeframe.
The Fund acquired 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 car parks for $9,100,000. The Property was purchased fully leased with a 7.1 year lease to national furniture retailer Early Settler on an initial yield of 6%.
The Property is fully leased to national furniture retailer Early Settler and has significant future development potential.
Purchased for its underlying land value combined with long term holding income, the Property is within the Capital City Zone and has a height control of 53 metres (13 – 16 levels). The site is well located in a prominent location in the CBD, close to 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.