91 Phillip Street Fund
91 Phillip Street Fund ARSN 604 881 656 (Fund) is a single asset, fixed term unlisted registered managed investment scheme investing in the freehold commercial office property located at 91 Phillip Street, Parramatta, NSW. The responsible entity, One Managed Investment Funds Limited, will hold title to the Fund’s assets.
91 Phillip Street Parramatta is a high quality 9 level office building, located in the heart of Parramatta’s CBD. Completed in 1985, 91 Phillip Street has recently undergone a significant refurbishment.
The building provides approximately 5,703 square metres of net lettable area and secure onsite parking for 133 vehicles. A development application was submitted to Parramatta City Council on 17 June 2015, proposing the conversion of 15 ground floor car spaces into approximately 370 square metres of additional net lettable area.
The responsible entity has appointed Capital Property Funds Pty Limited (Fund Manager) as the fund manager under an investment management agreement which delegates the day-to-day investment management of the Fund to the Fund Manager.
The Fund’s objective is to:
- Provide Investors with a regular and stable income return underpinned by rental income from a mix of tenants;
- Provide Investors with the potential for capital growth upon disposal of the Property; and
- Provide a fixed term investment with a clearly defined exit strategy.
The Fund’s investment strategy is to:
- Maintain the Property’s rental income;
- Capture improving Parramatta rental growth;
- Maintain and enhance the leasing profile of the Property through the implementation of a proactive leasing strategy;
- Provide Investors with potential growth through the conversion of excess ground floor car spaces into additional lettable area; and
- Implement a capital works program to ensure the Property remains a high quality office building capable of attracting and retaining high quality tenants.