Benlee Property Trust No. 13

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.

79 - 81 Colebard Street, Acacia Ridge

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.

9 - 13 Titanium Court, Crestmead

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.

198 Paradise Road, Willawong

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.

22 Gardens Drive, Willawong

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