This article is from the Australian Property Journal archive
On the back of its “speculative” expansion plans into Victoria, Trinity Consolidated bore the brunt of shareholders backlash yesterday with its stock falling by almost 7%.
Earlier this week, TCQ speculated that it had more than $450 million worth of development plans in Victoria.
However, the news failed to impress some shareholders who forced the fledgling company’s share price down 10 cents yesterday to $1.35.
Trinity had announced to the ASX that it had escalated its expansion into Victoria undertaking three major development projects with an end value of $465 million.
The projects were sourced through its wholly owned Brisbane-based development group Consolidated Properties Group.
However, the only deal that is firm is a $15 million strata retail/commercial complex at Doncaster being developed by Consolidated.
It added that Consolidated is also currently in discussions with Cardinia Shire Council over a potential $50 million redevelopment of central Pakenham on land owned by Cardinia Shire and a consortium involving Consolidated Properties has been appointed by Banyule City Council to potentially deliver a $400 million redevelopment to the Greensborough Town Centre, 20 kilometres north-east of the Melbourne’s CBD.
Neither deal adds to Trinity’s current portfolio and are merely speculative, one analyst told Australian Property Journal last night.
The Brisbane based company recently bought an investment property in Melbourne’s south-east for just over $33 million and successfully raised $46 million.
By Ted McDonnell
