This article is from the Australian Property Journal archive
ASPEN Group has created a new residential land development syndicate, Enclave at St Leonards Limited.
Enclave was created as part of Aspen’s strategy to either dispose of non-core assets, previously earmarked for retirement living, or syndicate them.
Enclave is the first divestment of these assets.
Aspen Group managing director Gavin Hawkins said the project will add further depth to Aspen’s funds management platform, representing the first retail offering by Aspen Living, with previous syndicates aimed at the non-retail investor market.
Enclave will develop an infill residential site located 15 kilometres from the Perth CBD. The syndication will seek to raise $11.5 million through the sophisticated and retail investor market and is offering a target Internal Rate of Return of 18% p.a. over a two year investment timeframe.
“Stage 1 pre-sales of $44 million within 12 months at the adjoining Aspen managed St Leonards Private Estate, as well as the strong demand for quality and affordable residential developments in the area give us confidence in the success of the development,” he concluded.
Australian Property Journal
