Whitmore seeds LFR fund with Adelaide asset
EXCLUSIVE
Whitmore Property, for a fund now calling on investors, has picked up a new large format retail asset at Seaford Meadows – a southern Adelaide growth corridor.
On 2.024 hectares at 19-23 Seaford Road, the fully let property with 8073 square metres in six tenancies, is costing $28.2 million – a 6.02 per cent net passing yield – following an off-market deal.
Catcorp Pty was the developer and seller.
Ray White Commercial’s Harry Einarson, Oliver Totani and Jack Dyson were the agents.
Seaford Meadows is about 34 kilometres from town.
Whitmore seeks $80m for fund
Adelaide based Whitmore recently launched a capital raising initiative seeking $80m for the trust which will hold 19-23 Seaford Rd – the Whitmore LFR Fund No 1.
The manager will spend the next two years buying asset for it (story continues below).
The entity is expected to run seven years.
Whitmore will collect regular management fees.
“Seaford Rd is a key route connecting the Southern Expressway to the beachside suburbs of Fleurieu Peninsula,” the buyer said in an information memorandum.
“The [property] has a flexible space which can be divided to suit size requirements and is a popular venue for those within the surrounding area,” it added.
The council area the property sits in – Onkaparinga, South Australia’s largest metropolitan one – is home to over 180,000 residents, with 10pc growth over the past 12 months
“The catchment is underpinned by a combination of private and government land released generating an additional 3000 homes in the medium term,” according to Whitmore.
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