Ray White Invest - Investment & Development Portfolio


		Coronation Drive 601 Coronation Drive \| Milton \| Queensland During 2004, Ross McKinnon’s State Development Corporation (an existing developer client) identified the Brisbane fringe commercial market as a potentially promising one ..... we established the Ray White Invest Property Trust No. 5, a registered managed investment scheme, which incorporated the flexibility of two classes of units. The ordinary units were issued to our investor clients, providing the necessary capital to acquire the site and provide working capital until a pre-lease was secured. Class A units were issued to State Development Corporation, as a means to retain its share of future development profit as units in the trust. Within nine months of settlement we had obtained sufficient tenancy pre-commitment to commence construction. The project is now due for completion in June 2007, and is 100% leased to completion. Tenants include Oamps Limited, MWH Australia Pty Ltd, Surftrack Pty Ltd, Indue Limited & Golder Associates. The property is now estimated to have an end value of $42 million. On completion in June 2007, the original investors (who invested in March 2005) will have made a ‘paper’ investment return of over 25% p.a.* ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Service Centre Trust Western Freeway \| Ballan \| Victoria During 2003/04, Ray White Invest through working with one of its developer clients was involved in the acquisition and development of three service centre properties. Through this experience, Ray White Invest took the view that this asset class had been overlooked by the institutional investor market and that there was an opportunity to securitise a portfolio of high quality fuel based real estate assets that would show both income and capital growth. As a result the Ray White Invest Service Centre Trust (the Trust) was launched in November 2005 to invest in high quality highway and neighbourhood service centres. The first portfolio of properties, purchased on or around 31 December 2005 and 31 March 2006, comprised three highway service centres and three neighbourhood service station properties. In August and September 2006, the Trust acquired a further six properties of which five are neighbourhood service stations and one is a highway service centre. At the start of 2007, the Trust comprised 12 properties spread across Victoria and Queensland with a total portfolio value of $52,950,000. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Brisbane Airport 12-14 The Circuit \| Number One Airport Drive \| Brisbane Airport Ray White Invest and Brisbane Airport Corporation (‘BAC’) established a relationship in 2004 through the development of the ‘Jetstream’ Business Park project. On the strength of this successful joint project completed in conjunction with project partners Dimensions Property Group, Ray White Constructions and Husband+Leith Architects, BAC offered the project team the opportunity to work exclusively on the development of this landmark office project. The building is being speculatively developed through the Ray White Invest Gateway Property Trust. Construction commenced in December 2006 and is forecast for completion in November 2007. It will provide 4,654m2 of A-grade office accommodation over 4 levels with a car parking ratio of 1:25m2. The on completion value has been assessed at $20.50 million. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Underwood Marketplace Cnr Beenleigh and Logan Roads \| Underwood \| Queensland In May 2005, Woolworths Ltd offered for sale via a public campaign, an established sub-regional shopping centre at Underwood, Brisbane comprising a Woolworths supermarket and Big W department store. The property provided a redevelopment opportunity, being sold with development approval for an additional 2,124m² of speciality retail space and a revised car parking scheme. The property was keenly sought after by the investment market. Our long standing developer client, the Blair Group, identified the potential to amend the proposed Woolworths scheme to add additional retail speciality space, food courts and improved on-grade and basement car parking. .... Since settlement of the property, the Blair Group together with Ray White Constructions, applied to council and obtained approval for a further increase in the size of the centre. This development application was made with the support of Woolworths, and was processed while the initial refurbishment of the supermarket and department store was being undertaken. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Blackmores 86 Mona Vale Road \| Warriewood \| New South Wales Located in Balgowlah on Sydney’s northern beaches, the 20 year old headquarters of Blackmores Ltd had become unsuitable for its fast growing business operations. Blackmores required larger, more modern premises, but wanted to remain in the northern beaches of Sydney. Ray White Invest (Projects) was initially retained by Blackmores to assess its property requirements, the ability to aggregate neighbouring properties to enable expansion, and to identify suitable greenfield sites in Sydney. Despite the scarcity of suitably sized individual sites in the northern beaches, Ray White Invest was able to source a number of alternative sites for Blackmores, including an option to expand its existing facility onto adjoining sites. ...... After an exhaustive process, Blackmores identified a 2.5 hectare site at Warriewood as its preferred location. We managed the negotiations with the vendor on behalf of Blackmores, and co-ordinated the due diligence process. We have been engaged by Blackmores as its project manager, to design, manage and deliver its new headquarters. The role incorporates developing the design of the new facility, engagement of consultants, obtaining necessary regulatory approvals, appointment of building contractor and final delivery for occupation by Blackmores. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Tyco 34 Corporate Drive \| Cannon Hill \| Queensland We acquired this modern two level office/warehouse building in May 2004 for $7.8 million. The property is located in an emerging business park in close proximity to rail and the Gateway infrastructure. At the date of acquisition, the property was leased to Tyco International with a six year lease term remaining. Importantly, the lease incorporated a market rent review in October 2004. Through our investment and financing activities throughout the Brisbane market, we formed the view that the passing rent being paid by Tyco International was substantially below market rents. The Brisbane market had experienced substantial construction cost increases in recent years, and the commercial and industrial property markets were enjoying strong tenant demand and low vacancy rates. .... In November 2004, the market rent review was concluded, with the rent being increased from $108 m² to $152 m². The rent increase in turn led to a large increase in the value of the property from $7.8 million to $10.4 million when it was sold in May 2005. This transaction delivered strong investment returns to our investor partners. A total of $2.5 million of non-bank capital was invested, delivering a net return of $2.0 million (post fees, pre tax) to investors within 12 months. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Linwood Shores Lots 1 - 6 Linwood Street \| Newcastle \| New South Wales The Wincrest Group, an existing client, identified an opportunity to develop an integrated terrace home development on the shores of the harbour, with connecting boardwalks and bikeways to the Newcastle business and shopping districts and beaches. We shared Wincrest’s vision for the Honeysuckle Precinct, and arranged a financial package to enable Wincrest to bid for a 9,000m² site located on Newcastle harbour. The financing package incorporated a construction facility from ANZ, and a mezzanine loan from the Ray White Invest Leveraged Development Fund. ..... Despite its ‘pioneering’ status, Linwood Shores was very well received by the local market, with nearly all townhouses being sold prior to completion of the development in March 2005. Investors in the Ray White Invest Leveraged Development Fund earned a 22% return over the 16 month investment, net of all fees. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Corporate Centre Bundall Road and Slater Avenue \| Bundall \| Queensland The Corporate Centre is a well recognised commercial office tower located in the Bundall business district in heart of the Gold Coast. Located on the intersection of Bundall Road and Slater Avenue, the blue glass curtain façade of the office tower is a prominent feature of the Gold Coast skyline. Comprising 11,574m² of net lettable area across 16 levels, and with 200 basement and podium car parks, the Corporate Centre offers A-grade commercial space to an expanding Gold Coast commercial market. .... In June 2005, Mr Dan McVay approached us to consider the potential acquisition of the Corporate Centre building and surplus land .... together we formulated a strategy that sought to quickly take the property ‘off the market’. The joint venture of Mr McVay and Ray White Invest secured the property via the offer of a substantial non-refundable option fee .... During the due diligence period, the joint venture was introduced to Cromwell Ltd who expressed strong interest to acquire the property ...and then participate in the ongoing development of the land in partnership with the joint venture. .... The joint venture and Cromwell plan is to develop a business park on the site, incorporating 4–5 buildings of approximately 4,000m²–6,000m² each, incorporating restaurant and retail facilities on the riverfront land. We realised our investment in the joint venture in July 2006. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Centrelink 23-27 Merivale Street \| South Brisbane \| Queensland This property was introduced to us by Ray White Commercial CBD Sales. The property, which was being quietly marketed by another agency group, was identified by Ray White Commercial as fitting our investment criteria. The transaction involved the acquisition of a commercial office building site in South Brisbane, with agreements in place to build a 3,600m² office building to be leased to Centrelink (Commonwealth of Australia) upon completion, for $10.25 million. .... We structured the acquisition of the property via a partnership syndicate structure, in which a number of investors were grouped together ‘on title’. We put together the syndicate with an ambition to construct the building and hold it for the medium term. The building was completed in June 2003. .... Following completion, the Centrelink lease commenced, delivering an annual yield on equity capital invested of over 11% p.a. The syndicate committed to sell the building in June 2005, after receiving a strong ‘off market’ offer, via Ray White Commercial. After the completion of the sale, the investment delivered our investor partners a 20% p.a. return during the 2½ year investment term. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)


		Coronation Drive 601 Coronation Drive \| Milton \| Queensland During 2004, Ross McKinnon’s State Development Corporation (an existing developer client) identified the Brisbane fringe commercial market as a potentially promising one ..... we established the Ray White Invest Property Trust No. 5, a registered managed investment scheme, which incorporated the flexibility of two classes of units. The ordinary units were issued to our investor clients, providing the necessary capital to acquire the site and provide working capital until a pre-lease was secured. Class A units were issued to State Development Corporation, as a means to retain its share of future development profit as units in the trust. Within nine months of settlement we had obtained sufficient tenancy pre-commitment to commence construction. The project is now due for completion in June 2007, and is 100% leased to completion. Tenants include Oamps Limited, MWH Australia Pty Ltd, Surftrack Pty Ltd, Indue Limited & Golder Associates. The property is now estimated to have an end value of $42 million. On completion in June 2007, the original investors (who invested in March 2005) will have made a ‘paper’ investment return of over 25% p.a.* ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Service Centre Trust Western Freeway \| Ballan \| Victoria During 2003/04, Ray White Invest through working with one of its developer clients was involved in the acquisition and development of three service centre properties. Through this experience, Ray White Invest took the view that this asset class had been overlooked by the institutional investor market and that there was an opportunity to securitise a portfolio of high quality fuel based real estate assets that would show both income and capital growth. As a result the Ray White Invest Service Centre Trust (the Trust) was launched in November 2005 to invest in high quality highway and neighbourhood service centres. The first portfolio of properties, purchased on or around 31 December 2005 and 31 March 2006, comprised three highway service centres and three neighbourhood service station properties. In August and September 2006, the Trust acquired a further six properties of which five are neighbourhood service stations and one is a highway service centre. At the start of 2007, the Trust comprised 12 properties spread across Victoria and Queensland with a total portfolio value of $52,950,000. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Brisbane Airport 12-14 The Circuit \| Number One Airport Drive \| Brisbane Airport Ray White Invest and Brisbane Airport Corporation (‘BAC’) established a relationship in 2004 through the development of the ‘Jetstream’ Business Park project. On the strength of this successful joint project completed in conjunction with project partners Dimensions Property Group, Ray White Constructions and Husband+Leith Architects, BAC offered the project team the opportunity to work exclusively on the development of this landmark office project. The building is being speculatively developed through the Ray White Invest Gateway Property Trust. Construction commenced in December 2006 and is forecast for completion in November 2007. It will provide 4,654m2 of A-grade office accommodation over 4 levels with a car parking ratio of 1:25m2. The on completion value has been assessed at $20.50 million. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Underwood Marketplace Cnr Beenleigh and Logan Roads \| Underwood \| Queensland In May 2005, Woolworths Ltd offered for sale via a public campaign, an established sub-regional shopping centre at Underwood, Brisbane comprising a Woolworths supermarket and Big W department store. The property provided a redevelopment opportunity, being sold with development approval for an additional 2,124m² of speciality retail space and a revised car parking scheme. The property was keenly sought after by the investment market. Our long standing developer client, the Blair Group, identified the potential to amend the proposed Woolworths scheme to add additional retail speciality space, food courts and improved on-grade and basement car parking. .... Since settlement of the property, the Blair Group together with Ray White Constructions, applied to council and obtained approval for a further increase in the size of the centre. This development application was made with the support of Woolworths, and was processed while the initial refurbishment of the supermarket and department store was being undertaken. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Blackmores 86 Mona Vale Road \| Warriewood \| New South Wales Located in Balgowlah on Sydney’s northern beaches, the 20 year old headquarters of Blackmores Ltd had become unsuitable for its fast growing business operations. Blackmores required larger, more modern premises, but wanted to remain in the northern beaches of Sydney. Ray White Invest (Projects) was initially retained by Blackmores to assess its property requirements, the ability to aggregate neighbouring properties to enable expansion, and to identify suitable greenfield sites in Sydney. Despite the scarcity of suitably sized individual sites in the northern beaches, Ray White Invest was able to source a number of alternative sites for Blackmores, including an option to expand its existing facility onto adjoining sites. ...... After an exhaustive process, Blackmores identified a 2.5 hectare site at Warriewood as its preferred location. We managed the negotiations with the vendor on behalf of Blackmores, and co-ordinated the due diligence process. We have been engaged by Blackmores as its project manager, to design, manage and deliver its new headquarters. The role incorporates developing the design of the new facility, engagement of consultants, obtaining necessary regulatory approvals, appointment of building contractor and final delivery for occupation by Blackmores. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Tyco 34 Corporate Drive \| Cannon Hill \| Queensland We acquired this modern two level office/warehouse building in May 2004 for $7.8 million. The property is located in an emerging business park in close proximity to rail and the Gateway infrastructure. At the date of acquisition, the property was leased to Tyco International with a six year lease term remaining. Importantly, the lease incorporated a market rent review in October 2004. Through our investment and financing activities throughout the Brisbane market, we formed the view that the passing rent being paid by Tyco International was substantially below market rents. The Brisbane market had experienced substantial construction cost increases in recent years, and the commercial and industrial property markets were enjoying strong tenant demand and low vacancy rates. .... In November 2004, the market rent review was concluded, with the rent being increased from $108 m² to $152 m². The rent increase in turn led to a large increase in the value of the property from $7.8 million to $10.4 million when it was sold in May 2005. This transaction delivered strong investment returns to our investor partners. A total of $2.5 million of non-bank capital was invested, delivering a net return of $2.0 million (post fees, pre tax) to investors within 12 months. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Linwood Shores Lots 1 - 6 Linwood Street \| Newcastle \| New South Wales The Wincrest Group, an existing client, identified an opportunity to develop an integrated terrace home development on the shores of the harbour, with connecting boardwalks and bikeways to the Newcastle business and shopping districts and beaches. We shared Wincrest’s vision for the Honeysuckle Precinct, and arranged a financial package to enable Wincrest to bid for a 9,000m² site located on Newcastle harbour. The financing package incorporated a construction facility from ANZ, and a mezzanine loan from the Ray White Invest Leveraged Development Fund. ..... Despite its ‘pioneering’ status, Linwood Shores was very well received by the local market, with nearly all townhouses being sold prior to completion of the development in March 2005. Investors in the Ray White Invest Leveraged Development Fund earned a 22% return over the 16 month investment, net of all fees. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Corporate Centre Bundall Road and Slater Avenue \| Bundall \| Queensland The Corporate Centre is a well recognised commercial office tower located in the Bundall business district in heart of the Gold Coast. Located on the intersection of Bundall Road and Slater Avenue, the blue glass curtain façade of the office tower is a prominent feature of the Gold Coast skyline. Comprising 11,574m² of net lettable area across 16 levels, and with 200 basement and podium car parks, the Corporate Centre offers A-grade commercial space to an expanding Gold Coast commercial market. .... In June 2005, Mr Dan McVay approached us to consider the potential acquisition of the Corporate Centre building and surplus land .... together we formulated a strategy that sought to quickly take the property ‘off the market’. The joint venture of Mr McVay and Ray White Invest secured the property via the offer of a substantial non-refundable option fee .... During the due diligence period, the joint venture was introduced to Cromwell Ltd who expressed strong interest to acquire the property ...and then participate in the ongoing development of the land in partnership with the joint venture. .... The joint venture and Cromwell plan is to develop a business park on the site, incorporating 4–5 buildings of approximately 4,000m²–6,000m² each, incorporating restaurant and retail facilities on the riverfront land. We realised our investment in the joint venture in July 2006. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)

		Centrelink 23-27 Merivale Street \| South Brisbane \| Queensland This property was introduced to us by Ray White Commercial CBD Sales. The property, which was being quietly marketed by another agency group, was identified by Ray White Commercial as fitting our investment criteria. The transaction involved the acquisition of a commercial office building site in South Brisbane, with agreements in place to build a 3,600m² office building to be leased to Centrelink (Commonwealth of Australia) upon completion, for $10.25 million. .... We structured the acquisition of the property via a partnership syndicate structure, in which a number of investors were grouped together ‘on title’. We put together the syndicate with an ambition to construct the building and hold it for the medium term. The building was completed in June 2003. .... Following completion, the Centrelink lease commenced, delivering an annual yield on equity capital invested of over 11% p.a. The syndicate committed to sell the building in June 2005, after receiving a strong ‘off market’ offer, via Ray White Commercial. After the completion of the sale, the investment delivered our investor partners a 20% p.a. return during the 2½ year investment term. ..... For full details, please click here for our Investment & Development Portfolio document (5.3mb pdf)