2021/22 IN REVIEW
The CPDF group’s audit for the year-ended 30 June 2022 has been completed, and the consolidated financial statements lodged with ASIC.
You can access a copy of the audited accounts at https://clarenceproperty.com.au/forms-and-reports/
The year was a successful one financially for the Fund, despite the lingering impacts of COVID and the extended period of wet weather which caused flood damage to a couple of the Fund’s properties. Highlights were:
- We welcomed 189 new investors to the Fund during the year;
- Close to $80m of new capital was raised;
- Group revenue totalled $95.7m, up from $75.9m the previous year;
- After-tax profit was $57.5m (30/6/21: $23.6m), or approximately 14.6 cents per unit;
- 8 commercial rental properties, the second 50% interest in The Rocket and 4 development sites were purchased;
- Group assets at 30/6/22 totalled $726.8m, an increase of $193.4m over the twelve months;
- Gearing at 30/6/22 was 37.6% (30/6/21: 36.1%);
- Unit price at 30/6/22 was $1.10 per unit, up 15.8% from $0.95 per unit at 30/6/21; and
- Distributions paid during the year totalled $24.3m.
RECENT ACQUISITIONS – DEVELOPMENT PROPERTY
There’s been a noticeable change in the mood of property markets over the last few months, and we remain cautious.
The year to date has been tough with floods, continuing wet weather, a fire, builders unable to finish jobs, unavailability of key materials (e.g. concrete pipes) and under-resourced local Councils all having an impact on our operations. Despite this we are still managing well and would like to think some better luck will come our way over the next year.
On the positive side the business of renting out properties is in good shape, with record low arrears and vacancy rates. Additionally, although interest rates have climbed, we do have approximately 40% of our debt locked at low rates for the next few years. And with gearing at around 37% we have plenty of capacity to absorb any unexpected issues. So, the job ahead is to keep the commercial buildings as well leased as possible, and to advance each land development as fast as practicable.
"ZONE" UNDERWOOD - FIRE UPDATE
As reported in our August update, part of the Fund’s large format retail centre at Underwood in Brisbane was impacted by fire in late August. The affected building has now been demolished, and design work is under way for the replacement building. We have started receiving rent compensation from our insurer and are in discussions with the intending purchaser to find a commercial way forward to complete “Zone”, Underwood, QLD the sale.
SALE OF ORMEAU MARKETPLACE
We recently accepted an attractive offer to sell Ormeau Marketplace. The sale, for $34.0m against a book value of $31.5m (and against the December 2019 cost of $29.0m), settled in September and transacted on a yield of 5.25%.
CAPITAL RAISING UPDATE
Just a reminder that new or top-up investments in CPDF remain available. The current issue price is $1.10 per unit, and we are forecasting a gross return this year of 7.1 cents per unit (6.45%) made up of 6.1 cents per unit p.a. cash, paid monthly, and a forecast franking credit of 1.0 cent per unit.
Please read the PDS and Target Market Determination, both of which are available on our website www.clarenceproperty.com.au
Thank you for taking time to read this update. If you have any questions, please contact our investor relations team on: 1300 382 362 or invest@clarenceproperty.com.au
Clarence Property sponsors Northern Rivers Regional Business Awards 2022.
Our General Manager, Paul Rippon, presented the Outstanding Business Leader Award sponsored by Clarence Property at the 2022 Northern Rivers Regional Business Awards held in Lismore last week.
A huge congratulations to the winner Simon Stahl, CEO of Northern Cooperative Meat Company 
The Northern Rivers Regional Business Awards are all about celebrating and showcasing the diverse talent we have in the Northern Rivers business community.
Clarence Property are proud sponsors of this wonderful initiative and congratulate the entrants, finalists and winners.
News and Investor Updates
Clarence Property Corporation Limited ACN 094 710 942, AFSL 230212, is the issuer of the PDS for Clarence Property Diversified Fund ARSN 095 611 804 and Epiq Lennox Property Trust ARSN 626 201 974. Please read the PDS and TMD at clarenceproperty.com.au before deciding whether to invest.
This website is not intended to be and does not constitute a PDS or any form of disclosure document, as defined by the Corporations Act 2001 (Cth). This website does not constitute an offer for the sale or purchase of units, and does not constitute any recommendation in relation to investing. This website has been prepared without taking into account any particular consumers financial situation, objectives or needs.
Whilst every care has been taken by Clarence Property in the preparation of this website, Clarence Property does not make any representation or warranty as to the accuracy or completeness of any statement in it. Persons viewing this website should conduct their own inquiries and investigations. The information on this website is subject to change, and Clarence Property is not responsible for providing updated information to any person.
Subject to any responsibilities implied by law and which cannot be excluded, Clarence Property is not liable to you for any losses, damages, liabilities, claims and expenses (including but not limited to legal costs and defence or settlement costs) whatsoever arising out of or referable to any material on this website or any third party website whether in contract, tort including negligence, statute or otherwise.
In the spirit of reconciliation Clarence Property acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their Elders past, present and emerging and extend that respect to all Aboriginal and Torres Strait Islander peoples today.
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