Taren Point

 

Overview

This investment was via Quantum Property Syndicate No.2 (a registered managed investment scheme). The Scheme raised funds in June 1999 in order to exchange contracts for the purchase of the real estate, with settlement occurring in June 2000.

 

The syndicate purchased 2 Alexander Ave from Toyota Motor Corporation Australia Ltd. The site was Toyotas' NSW head office.

 

The syndicate subdivided the land into five different lots all with their own street frontage enabling individual access.

 

These lots were then sold, with the syndicate retaining one lot for the development of a retirement village.

 

The syndicate was granted Development Consent for a 289 unit retirement village, by the Sutherland Council in the second quarter of 2002 financial year.

 

Shortly after gaining the Development Consent contracts were exchanged for the sale of the final lot of land.

 

The Syndicate achieved an after tax return of 186% for investers.

 

 

Key Information

 

Type Residential
Structure Syndicate
Opened/Closed-End Closed
Fund Vintage January 2002
Strategy Opportunistic & Value Add
Property Allocation Mixed Use
Georgaphic Focus Sydney
Target IRR (Gross) 94.6
Target Leverage  
Status Closed
Life Span  
Total Investment $26,920,800
Total Value $18,037,400
Gross IRR 94.6%
Investment Multiple 4.6x

 

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