Asset 20 – Sales and Marketing Update

23 July 2013

Asset 20 is a 29-hectare industrial estate situated in Braeside, Victoria, comprising six large allotments with an average size of approximately 4.8 hectares. One of the lots, Lot U (approximately 5 hectares), has been subdivided into 34 retail sub-lots and been the subject of a structured sales and marketing campaign producing 11 pre-sales. The contracts settled shortly after the subdivision plan was registered in June 2012.

Four lots (5, 19, 30 and 31) forming part of Lot U were put up for auction on Wednesday, 22 May 2013, which resulted in seven unconditional contracts of sale. Details are as follows:

Lot No. Area (sqm) Deposit Status Expected Settlement Date
5 1,379 10% Exchanged 22-Jul-13
6 1,363 10% Exchanged 20-Aug-13
30 998 10% Exchanged 21-Aug-13
31 1,748 10% Exchanged 23-Jul-13
23 1,374 10% Exchanged 11-Sep-13
32 1,749 10% Exchanged 13-Aug-13
33 1,748 10% Exchanged 13-Aug-13

Lot 8 is under a prior unconditional contract of sale expected to settle on or about 9 August 2013.

The marketing of the estate is being undertaken by the receiver and manager appointed by the Fund in accordance their statutory obligations to ascertain and obtain market value. The auction followed a comprehensive marketing campaign managed by Savills and CBRE, which was implemented via internet, press advertising and onsite signage. The prices achieved to date are in line with the valuation obtained by the receiver and manager and reflect the fair market value of these allotments.

Upon settlement of the eight aforementioned lots, fourteen lots will remain in Lot U. These lots will be marketed for sale over the coming months through an extensive campaign which will include advertising in The Age, Mordialloc Chelsea Leader, Bayside Leader, realcommercial.com.au, as well as on-site. Marketing of the remaining development lots (Q, W, X, Y, and Z) will also commence in the coming months.

A summary of the overall position in relation to Lot U is as follows:

Lot U – Stock Schedule
Stock Summary Number Sale Price ($) Area (sqm) Area (Ha)
Settled 12 4,739,135 18,343 1.83
Exchanged 8 2,641,593 11,474 1.15
Under Offer
For Sale 14 20,220 2.02
Total 34 7,380,728 50,037 5.00

Examples of the marketing collateral published in the press and distributed via email and hardcopy pamphlets can be viewed by clicking on the links below.

Should you have any enquiries, please call Balmain Trilogy Client Services on 1800 194 500 or email contact@balmaintrilogy.com.au