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Benlee Property Trust No. 5

One Investment Group - Investors

The Benlee Property Trust No 5 (the Fund) has been established with the intention of acquiring the following three industrial properties located in Brisbane and Sydney:

  • the Heathwood Property – 71 Stradbroke Street, Heathwood;
  • the Pinkenba Property – Lot 3, 175 Eagle Farm Road, Pinkenba; and
  • the Eastern Creek Property – 5 Wonderland Drive, Eastern Creek (each a Property, collectively the Properties).

The Fund.

The rationale of pursuing an industrial property investment now is so that the Trust can acquire the Properties at a time when the Properties are forecast to deliver a strong steady running yield and investors in the Trust are able to benefit from any improvement in the property market to the extent that the impact of the global financial crisis reduces.

Key features of the Fund include:

  • Distributions paid monthly, forecast to commence at an average over 3 years of 10.94% p.a.;
  • Annual rent reviews forecast to increase investor returns each year;
  • Non-recourse debt borrowing for investors; and
  • An expected initial term of 7 years.

Key Features of the Properties.

THE HEATHWOOD PROPERTY

  • The improvements at 71 Stradbroke Street were constructed in 2007 and comprise two separate modern freestanding office / warehouse buildings situated on either side of a wide concrete central driveway and approximately 10,000m2 of hard stand area.
  • The buildings are constructed of pre-cast concrete tilt slab panels and each has its own two level office and amenities, generous hard stand areas and six roller doors for the Carey’s building with the Symbio building serviced by two roller doors. The building site coverage is a very low 30%.
  • The property is easily accessed via the Logan Motorway being a major road joining the Ipswich Motorway to the Pacific Motorway and Gateway Motorway. The property is also located within close proximity to the Centenary Highway, offering easy access north, south, east and west.
  • The Logan Motorway provides access to Ipswich and western suburbs and also connects with the Gateway Motorway (M1) to the east providing direct access to Port of Brisbane and Brisbane Airport.
  • There are high voltage power lines traversing the centre of this property which result in an easement in favour of Queensland Electricity Commission where the building of structures underneath is not permitted, this is the reason the site coverage is a very low 30% however the trade-off for this is that the site enjoys an exceptional amount of concrete hard stand which is very valuable for certain users.

THE PINKENBA PROPERTY

  • The improvements at 175 Eagle Farm Road, on the corner of Tingira Street, were constructed in 2007 and comprise a high quality office / warehouse with a very generous awning area of 725 m2 and a low building site coverage of 38%.
  • The property is located in the fast growing Australia Trade Coast region only 4 kms from Brisbane Airport and 15 kms from the Port of Brisbane with close access north and south via the Gateway Arterial Motorway and Kingsford Smith Drive.
  • The floor of the warehouse is prestressed concrete with a polished finish providing exceptional strength and cleanliness that facilitates smooth efficient use of forklifts within the warehouse. The buildings are constructed of pre-cast concrete tilt slab panel base walls with metal cladding to the upper elevations. The office area constitutes 4% of the total building area and there are seven large container height roller shutter doors.
  • In the late 1960s a small part of the property was used for fertiliser manufacture and this activity has resulted in contamination of site soils in the north east corner where the fire services tank is now located. As a result, the land is listed on the Environment Management Register and has been obliged to establish and comply with a Site Management Plan, which has been done, and all necessary certificates of compliance and approval have been obtained and are available for the Trusts solicitor to satisfy himself with during the Due Diligence Period.

STAGE 2 - THE EASTERN CREEK PROPERTY

  • The improvements at 5 Wonderland Eastern Creek were constructed in 2005 and comprise a high quality office / warehouse of 16,514 m2 with two very generous awnings totalling 1,379 m2, 7 roller shutters plus 2 levelling loading docks and parking for 160 cars. The minimum internal clearance is 9.4m, with a maximum clearance of 11.2m. The site area is 2.786 ha.
  • The building is constructed with a steel portal frame supporting pre-cast concrete panels with a heavy reinforced concrete slab on ground and low pitch steel framed metal deck roof interspersed with translucent polycarbonate infill panels and foil sarking to the underside incorporating steel wire safety mesh.
  • The property is located 38 kms from the Sydney GPO and is regarded as one of western Sydney’s premier industrial precincts being ideally located on the Sydney orbital motorway at the junction of the M4 and M7 Motorways. Many of Australia’s listed REITS (Real Estate Investment Trusts) also own properties in the area.
  • The area has been developed since 2003, and so all the surrounding buildings are relatively new and modern. This location is clearly popular with many significant companies. Eastern Creek is now headquarters or a significant location for many major local and international companies, all of whom are located in the same street or surrounding streets of 5 Wonderland Drive.

Further Information.

The Fund is currently seeking to raise up to $ 15,250,000. The subscription is to be separated into two distinct stages to provide funds for each of the three proposed settlements. Stage one involved the raising of the first $7,400,000 to settle the purchases of the Heathwood Property and the Pinkenba Property. The capital raising for Stage 1 has been completed as it was fully subscribed by early May 2012.  Stage two is currently in progress and will involve the raising of the balance of up to $7,850,000 to settle the purchase of the Eastern creek Property.

The Offer is open to wholesale, sophisticated and professional investors only as those terms are defined in the Corporations Act. Minimum subscriptions are $100,000 unless approved by the Trustee. The Offer Closing Date for stage 2 is the earlier of 30 August 2012 or when this component of the offer is fully subscribed.

Contact Us.

Should you have any queries, please contact us on benlee@oneinvestment.com.au 

or call us on (02) 8277 0000.

If you have any general queries, please contact us via email enquiries@oneinvestment.com.au.

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John O’Leary

Director, Corporate Trust

John has over 19 years’ experience in the financial services industry working for a number of both domestic and global organisations. 

Prior to joining OIG, John worked for UBS, State Street, RBC, NAB Asset Servicing and MLC and has extensive experience in investment operations, custody and administration. 

John has a Bachelor of Arts Degree in Accounting and Finance from Athlone Institute of Technology and a post graduate Higher Diploma from Maynooth University. 

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Emma Brown

Director, Finance & Taxation

Emma has over 17 years’ experience in accounting and taxation working largely in chartered accounting firms servicing clients from various industries including professional services and real estate. Throughout this time Emma has partnered with various business leaders in delivering quality professional advice and commercial insight. 

Emma has a Bachelor of Commerce from University of Newcastle, is a member of Chartered Accountants ANZ and is a registered tax agent. 

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Garry El Hassan

Head of Registry Services

Garry comes to OIG with close to 20 years experience in the Financial Services Industry. Garry’s wide ranging financial services experience encapsulates operational functions within Registry, listed and unlisted asset management, Regulatory Reporting, Systems and Platform Management, AML/CTF Management, Remediation and Complaints  Management, and Deceased Estates Management.  

As systems owner across multiple organisations, Garry has been instrumental in the implementation and development of Registry and Advice systems from inception to maturity. With a history of developing high performing teams and elevating organisational capacity and efficiency, Garry has built a brand in the industry around seeing opportunities for development and transforming them into functional deliverables that have significant uplift for organisations and the clients. 

Notable positions Garry has held include various management roles at Macquarie Wrap Adviser Services, CommSec CBA, State Super Financial Services, First State Super and Aware Super. Garry has a Bachelor’s of Economics/ Managerial Economics from Western Sydney University. 

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Monique Sheehan

Director, Client Services

Monique is a highly experienced financial services executive with an extensive background spanning over 25 years. She has held key leadership positions in both domestic and global organisations with experience including investment operations, capital markets, platform operations, custody, fund accounting, and middle office. 

Monique brings her wealth of expertise and professionalism to One Investment Group gained from her diverse roles across Macquarie Bank Ltd, State Street Australia Ltd, Australian Unity, Link Group and OneVue. 

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Lisa Wilson

Head of Fund Services

With over 25 years of experience in the Custody and Fund Services industry, Lisa has managed all client operational functions including Fund Accounting, Financial Reporting, Tax, Private Equity, Middle Office, Platform and Unit Registry.  

While initially beginning her career in Fund Accounting, Financial Reporting and Tax, she soon began to build a brand as someone who could take teams through a change journey and has done so on various business transformations including IFRS and TOFA implementations, off-shoring of processes, platform migrations, on-boarding large clients, establishment of new functions and a business closure. Lisa has since been specialising in evolving operating models and leading people through change to build high performing teams. 

With her career spanning across Australia, UK, USA and Luxembourg, Lisa brings a wealth of experience in global and local organisations. Lisa is a CPA and has a Bachelor of Commerce from the University of Western Sydney. 

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Tom Hure

Chief Financial Officer

Tom has over 25 years’ experience as a financial executive having led teams at listed, unlisted, joint venture, divisional, national, and government levels. Tom’s industry experience includes financial services, transport, real estate, leasing, funds management, and structured finance.

Prior to joining OIG in January 2022, Tom was Chief Financial Officer of Indigenous Business Australia, an Australian Government entity with an asset base of nearly $2 billion across housing loan, business loan and investment portfolios. Tom has also held senior finance roles at the likes of Transdev Australasia, CIMIC Group, Mirvac, ING Real Estate and Allco Finance Group.

Tom holds a Bachelor of Commerce (Accounting) from the University of Western Sydney, a Master of Commerce (Professional Accounting) from Macquarie University and is a member of Chartered Accountants Australia and New Zealand.

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Steve Beland

Head of Sales

Steve has 16 years’ experience in accounting and taxation gained in funds management, corporate and professional services. Prior to joining Unity Fund Services in October 2010, he has held Tax manager roles at both Brookfield Multiplex Ltd and Everest Financial Group Ltd.

Prior to this, Steve worked for Ernst & Young providing general tax advice to corporate clients as well as being involved in a numerous tax due diligence assignments for private equity transactions. He also worked for Horwath as a Supervisor specialising in the provision of taxation and business services to high-net-worth individuals and SME businesses including a secondment to the Chicago (USA) office.

Steve is a Chartered Accountant, Registered Tax Agent and Chartered Tax Adviser of the Tax Institute of Australia. Steve holds a Bachelor of Commerce (Accounting) and Master of Taxation from the University of Sydney.

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Michael Sutherland

Head of Corporate Trustee Services

Michael has over 25 years’ experience in the financial services industry including 12 years’ experience in providing trustee, custody and administration services to the debt capital markets and funds management industry.  

In this time Michael spent 7 years at Perpetual Limited where he was a senior lawyer in Perpetual’s legal teams. Michael has also spent a number of years in other business and legal roles including working in large, medium and boutique fund managers, retail banks, investment banks, structured credit providers and hedge funds, such as ANZ, ABN AMRO, AMP, Everest and Absolute Capital.  

Michael also has experience acting as an executive director of Responsible Entities, ASX listed companies (executive director and company secretary) and acting as a member of investment, product, risk, audit and compliance committees. 

Michael holds a Bachelor of Laws from University of Technology Sydney and a Bachelor of Arts from Macquarie University. He is a member of the Australian Securitisation Forum, the Property Funds Association, the Banking and Financial Services Law Association and holds a current practicing certificate from the NSW Law Society. 

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Sarah Wiesener

Head of Legal, Risk and Compliance

Sarah is a lawyer with over 20 years’ experience in the financial services arena across a range of roles, structures and asset classes.

She is a Chartered Company Secretary and has acted as Company Secretary to a number of listed property funds.

Sarah has been head of compliance for a number of listed property funds. She has been a member of investment committees and provided support to audit, risk, and compliance committees as well as remuneration and nomination committees.

Sarah has experience in structuring complex capital markets transactions in domestic and overseas jurisdictions (primarily debt, securitisation and collaterised debt structures) and has worked closely with management on a number of fund management products for wholesale and retail investors.

Sarah holds a Bachelor of Laws from Bristol University (Honours) and holds a current NSW practising certificate.

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Frank Tearle

Founder & Chief Executive Officer

Frank co-founded One Investment Group in 2009, and since December 2018 has acted as its chief executive officer. 

Before founding One Investment Group, Frank spent 6 years working at a structured finance and funds management business.  He held a variety roles including  General Counsel, a fund manager of two funds and interim head of the Hong Kong office. 

Prior to this corporate experience, Frank was a practicing lawyer with more than 10 years’ experience working in major law firms in Australia and the United Kingdom, specialising in mergers and acquisitions, capital markets, funds management and corporate governance. 

Frank has been a non-executive director of several companies, including the corporate manager of a Singapore listed property trust and an APRA regulated insurance company. 

Frank has a Masters in International Business Law from the University of Technology, Sydney and a Bachelor of Law (with Honours) from the University of Leicester.