This article is from the Australian Property Journal archive
Trinity Consolidated has closed its Trinity Opportunistic Property Fund No 1, raising $46 million.
The unlisted TOP Fund closed above its original $35 million target.
In addition, Trinity has purchase a 8.448 hectare land parcel in Deeragun, on the northern outskirts of Townsville in North Queensland for $5.225 million.
Trinity chief executive officer Ben McCarthy said the TOP Fund is looking develop the residential zoned parcel of land into a shopping centre.
“Although the parcel of land is currently zoned residential use, it has been nominated as ‘future retail’ in the new local area plan.
“TOP Fund will essentially de-risk the project and then it will be on-sold it with the relevant approvals in place for the site,” he added.
Consolidated Properties Group, which Trinity recently announced it would fully acquire in a $25.35 million scrip for scrip merger, lodged an initial development application for the Deeragun project with the Thuringowa City Council last year.
This initial plan involved developing a 4500 sqm shopping centre on a 2 hectare proportion of the site, optioned by Consolidated Properties.
“The opportunity to acquire an additional 6.4 hectares has significantly boosted the project’s size and end value, making it an ideal first project for TOP.
“Mid last year Consolidated Properties secured a pre-commitment from Coles Myer to lease a 3,200 square metre supermarket and we now intend to lodge a new application to eventually incorporate some additional uses for the site,” McCarthy said.
“The local council has been supportive of a re-zoning and we are estimating that approvals are likely to take between 1 to 2 years.
“By taking all the pertinent risks out of the project and obtaining successful approvals, we expect the site will be valued at up to $11 million,” he concluded.
By Kathryn O’Meara
