BOUTIQUE funds manager Opus Capital has boosted its flagship diversified property fund, Opus Income & Capital Fund No. 21, with a string of Brisbane and Melbourne office acquisitions totalling around $74 million.
Opus has bought four properties in a five level office complex at 436 Elgar Road in Box Hill, Melbourne; Building 2 of the Gateway Office Park in Murarrie, Brisbane; “Altitude” – a commercial office complex located at Number 1 Airport Drive, Brisbane Airport and another office building in south-east Queensland, yet to go unconditional.
The fully leased Box Hill property was partly refurbished in 2002, while the three south-east Queensland properties, two of which are expected to achieve a minimum 4-star Green Star and 4.5 star Australian Building Greenhouse Rating, are currently under construction. Some of the properties have protected income streams or lease arrangements in place and all provide substantial depreciation benefits.
The transactions have increased the fund’s portfolio from four to eight properties and the overall value of the fund to around $190 million.
The fund’s existing properties include the 16 level Cairns Corporate Tower in the Cairns CBD, Zurich House at Bundall on Queensland’s Gold Coast and commercial office buildings located in Springvale Road, Mulgrave and St Kilda Road in Melbourne.
Opus’ chairman Tony Moody said the eight buildings in the Opus Income & Capital Fund No. 21 represent more than 52,000 sqm of net lettable commercial and ancillary retail space.
Moody said each of the properties was strategically located to capitalise upon existing and planned infrastructure, as well as industry sector and precinct growth.
“The Brisbane Airport and Murarrie properties are located within the fast-growing industry and trade precinct of Australia TradeCoast,” he added.
Moody said Opus Capital had further acquisitions in the investment pipeline and intended to continue to build the Opus Income & Capital Fund No. 21 to a portfolio value of in excess of $350 million.
“Our focus for Opus 21 is on properties on Australia’s eastern seaboard that range in value from $10 million up to $50 million and which would typically be multi-tenanted.
“The company is further broadening its portfolio of investment opportunities to satisfy an investor spectrum that ranges from those seeking monthly, tax-advantaged income through to those seeking the higher rewards traditionally associated with property development projects,” Moody said.
In addition to Opus Income & Capital Fund No. 21, the company is currently promoting its second development fund, where investors become part-owners in development projects, while also negotiating on a number of other potential acquisitions for existing and new property trusts.
In total, Opus Capital Group manages 12 individual funds on behalf of more than 3,000 investors, with the portfolio of property under management valued at more than $500 million.
Australian Property Journal
Opus dips $74m in Brisbane & Melbourne offices
