Benlee Property Trust No. 13

The Benlee Property Trust No. 13 (the Fund) was established to acquire four industrial properties located in Brisbane, Queensland:

  • 79 – 81 Colebard Street, Acacia Ridge (the Acacia Ridge Property);
  • 9 – 13 Titanium Court, Crestmead (the Crestmead Property);
  • 198 Paradise Road, Willawong (the Paradise Road Property); and
  • 2/22 Gardens Drive, Willawong (the Gardens Drive Property),

(each a Property and collectively the Properties).

The Fund acquired the Properties, which are to be held for the long term, at a time when the Fund was forecast to deliver a strong and steady running yield and unit holders were able to benefit from any improvement in the property market in future.

The rationale behind purchasing multiple properties is to:

  • Diversify the risks and income across multiple tenants and properties;
  • Spread the operating costs across a larger capital base to increase unit holder returns; and
  • Increase the efficiency of management time by managing a larger asset value base, thereby achieving a lower management fee per dollar invested.

Key features of the Fund include:

  • Distributions paid monthly;
  • Non-recourse debt borrowing for unit holders;
  • Annual rent reviews forecast to increase investor returns each year; and
  • An initial term of 7 years.

Key features of the Properties include:

Acacia Ridge Property:

  • Located 16 kilometres from the Brisbane GPO and 31 kilometres from the Brisbane Domestic Airport;
  • Occupied by Bullivants Pty Ltd which has occupied the site since the building was constructed approximately 30 years ago;
  • Comprises a modern freestanding industrial office and warehouse development on a 7,108m2 site with a gross lettable area of 3,649m2;
  • Frontage to Colebard Street West of approximately 110 metres;
  • Following fire damage in July 2016, the Property was rebuilt, replacing everything except the concrete slab floor and the amenities. This work was completed in mid-November 2016 and represents 60% of the area of the total building; and
  • The Property could readily be leased to two separate tenants in future if ever required.

Crestmead Property:

  • Located 31 kilometres from the Brisbane GPO and 39 kilometres from the Brisbane Domestic Airport;
  • Occupied by Phoenix Distribution (NSW) Pty Ltd which has occupied the site since late 2015;
  • Comprises a modern style industrial facility on a 13,870m2 site with a gross lettable area of 6,472m2;
  • Frontage to Titanium Court of approximately 82 metres; and
  • The building was constructed in two parts and in two stages in 2005 and 2007 and can readily accommodate two separate tenancies in the future if ever required.

Paradise Road Property:

  • Located 21 kilometres from the Brisbane GPO and 35 kilometres from the Brisbane Domestic Airport;
  • Occupied by Tailored Packaging Pty Ltd which has occupied the site since the building was constructed and completed in April 2013; and
  • Comprises an attractively landscaped, modern freestanding industrial office and warehouse facility on a 10,330m2 site with a gross lettable area of 5,193m2.

Gardens Drive Property:

  • Located 21 kilometres from the Brisbane GPO and 35 kilometres from the Brisbane Domestic Airport;
  • Leased by Bradflo Pty Ltd since the building was constructed and completed in October 2013. The building is currently sub-leased to Lenan Corporation Pty Ltd; and
  • The Property is one of two lots of a strata plan. It comprises a modern freestanding industrial and warehouse facility on a 9,141m2 The portion occupied by Lot 2 is approximately 6,330m2 to accommodate a gross lettable area of 3,331m2.

Should you have any queries, please email us at [email protected] or alternatively call us on (02) 8277 0000 to discuss further.

Investors

Our Services