“ZONE” UNDERWOOD, QLD – UPDATE
Overnight on Tuesday, 23 August 2022, one of the buildings at Zone Underwood was severely impacted by fire. The fire commenced in the Officeworks tenancy and appears to have been deliberately lit. Police have declared the site a crime scene. The extent of the damage is currently being assessed. CPDF’s insurers have been notified. The complex is insured for fire, building replacement and loss of rent, and we do not anticipate there being any material financial loss to investors as a result of this event.
RECENT ACQUISITIONS – COMMERCIAL PROPERTY
“The Rocket”, Robina, QLD
The Rocket is a freehold commercial building comprising retail and commercial space. CPDF has acquired the second 50% interest in this property from Sentinel Property Group, for $43.5 million.
21-27 Grant Street, Port Macquarie, NSW
This commercial office building was acquired in June for $16.0m with an occupancy rate of 96%, underpinned by Centrelink and Property NSW.
RECENT ACQUISITIONS – DEVELOPMENT PROPERTY
“The Base”, Robina, QLD
This prime waterfront site adjoins “The Rocket”, and was acquired in June for $5.1m. It is DA approved for a 5-level + basement parking office tower with a lettable area of approx. 5,000 sqm. Construction is expected to start in early 2023.
Child Care Centres, QLD & Vic
The Fund has four childcare centres under construction or soon to be commenced, with completion of all four anticipated by late 2023. The centres, which have a combined as-if-complete value of $27.837m, are located at:
The Base, Robina
DEVELOPMENT PROPERTIES UPDATE
Across the portfolio, we have development properties at all stages of their life-cycle – in planning, with local Councils or the NSW Dept. of Planning for approval, under construction and selling. It’s fair to say the “heat” has gone out of development activities over the last couple of months, with a blowout in Council approval timeframes (largely flood-related), rising construction costs and a noticeable slowdown in the rate of sale. That said, we’re seeing anecdotal
evidence of signs of improvement, and anticipate some “normality” returning to the land development sector during 2023. Here’s a summary of the Fund’s development sites:
“Epiq” Lennox Head, NSW
“Epiq” Lennox Head is currently in Stages 4, 5 and 7 of its anticipated development, specifically:
“Yamba Quays”, Yamba NSW
The development is in various stages:
The Fund recently purchased an adjacent lot to Yamba Quay’s existing 21.75ha, bringing the total area to 31.7ha. Master planning for this new site has commenced.
Newmans Road, Woolgoolga, NSW
Purchased in 2022, the 80 lot Newmans Road site is anticipated to commence commence construction in late 2023.
“Hub Heathwood”, Heathwood, QLD
“Hub Heathwood”, a DA approved 24 lot site purchased in September 2021, is currently under construction and selling.
The Base, Robina
CAPITAL RAISING UPDATE
CPDF re-opened to new investment in April 2022, with a unit issue price of $1.10 and a forecast gross distribution for the current financial year of 6.45%. If you’d like to add to your investment, please complete an existing investor online application on our website. Have your Investor Number handy!
2021/22 ANNUAL TAX STATEMENT
Data to allow preparation of your 2021/22 tax statement has been sent to Boardroom for processing. We expect you’ll receive your statement in early September. Watch out for an email from email@example.com which will have your statement attached.
BOARDROOM UPDATE (OUR ONLINE INVESTOR REGISTER)
Since we appointed BoardRoom to maintain our unit holder register in May last year, we’ve had plenty of constructive feedback from investors regarding their experience. We’ve used that feedback to improve functions and usability. Once you register for BoardRoom you will have direct access to your investment information with the ability to print statements, update details and review transactions.
We encourage you to register by going here and following the REGISTER NOW instructions: www.clarenceproperty.com.au/how-to-register/
If you run into any problems, call Julie in our Lennox office on 02 6618 1555 and she’ll give you a hand.
From 15 to 19 August 2022, our Investor Relations team headed out to Gunnedah NSW for AgQuip 2022.
Held in Gunnedah NSW, the annual AON AgQuip event is Australia’s largest primary industry event. With over 3,000 products and services aimed at farming professionals.
It was a pleasure meeting and reconnecting with our Investors and their family’s.
The week was a huge success, and Clarence will certainly be back for AgQuip 2023.
We are also looking forward to attending Primex 2022, from 10-12 November.
Did you know Clarence Property’s Epiq Lennox is a certified EnviroDevelopment?
EnviroDevelopment certification is an independent assessment that certifies property developments which have outstanding sustainability performance. It recognises sustainability achievements that go beyond regulatory requirements.
Every project certified under EnviroDevelopment goes through a rigorous application and assessment process, with a stringent assessment criteria to give buyers confidence that when they see an EnviroDevelopment logo, they know it’s a truly sustainable development.
Buyers who choose an EnviroDevelopment can expect to benefit for years to come from a property delivered with consideration given to the natural environment.
For the popular Epiq Lennox Head masterplanned community, Clarence has been successful in obtaining EnviroDevelopment certification in all six categories that can be awarded: Ecosystems, Waste, Energy, Materials, Water and Community.
Read more about each category’s criteria here: https://envirodevelopmentliving.com.au/what-is-envirodevelopment/
Clarence Property Group is committed to measured environmental consideration across its growing property portfolio and the certification at Epiq complements its other EnviroDevelopment certified communities, Casuarina Beach in northern NSW and now also the recently certified Hub Heathwood project in south east Queensland.
“Sustainability encompasses all aspects of what we do at Clarence Property, with particular emphasis on people, sustainable capital, environment and the community.” – Peter Fahey, Managing Director, Clarence Property
In addition to implementing waste and water consumption minimisation practises through co-ordinated design, construction and operations management, the company’s solar energy arm, “Clarence Greenergy” is in the initial development phase of an exciting renewable energy microgrid.
Clarence Property thanks the EnviroDevelopment team for its ongoing support in facilitating a user-friendly and streamlined certification process as they work through Epiq’s sustainable design and delivery.
Homesites now selling
Stage 7, the first land release in over 12 months in the Epiq masterplanned community is attracting pent up interest from buyers wishing to commence building as soon as possible.
This limited release of premium homesites is now nearing completion, with lots ranging from 366 to 897sqm. Stage 7 is located right across the road from Epiq Marketplace, less than 3 minutes to the beach and Lennox Village and less than 25 minutes to Byron Bay. Epiq’s new sporting fields and Council community facility are located directly adjacent to this land release.
Completion is expected in July 2022 with settlement anticipated for September this year, allowing buyers to commence building their dream home quickly. Register now for details, or contact the exclusive agent, Nick Bordin of Elders Lennox Head on 0423 238 062.
Dear WPT Unitholder,
On behalf of the directors of Clarence Property Corporation, I’m pleased to enclose a copy of the Westlawn Property Trust (WPT) audited financial statements for the year ended 30 June 2021. I’d also like to take the opportunity to welcome the 202 new Investors who joined us during the year.
2020/21 in Review
Despite another challenging year of COVID-19 curveballs WPT, combined with Epiq Lennox Property Trust, experienced a strong year financially. The highlights of FY 20/21 were:
Importantly, distributions for the year totalled $18.1m and when combined with franking credits, the annualised distribution was 7.0 cents per unit.
Despite a solid financial result, the year wasn’t without its challenges, none more prominent than those presented by COVID-19. The impact of COVID-19 is addressed on page 3 of the Directors’ Report.
Despite COVID-19 dominating the discussion and challenges within the property industry throughout FY 20/21, we’ve headed into FY 21/22 with our usual enthusiasm and optimism.
The property market remains very competitive, with a low interest rate environment being a driving force behind higher asset values. We continue our focus on acquiring quality assets as we build a commercially sustainable property portfolio that provides ongoing monthly income to our investors.
The development component of WPT continues to be a profitable business line, and we intend to continue our expansion into a range of Northern NSW markets where we consider demand to be sustained and supply to be constrained.
Since re-opening WPT to investment after COVID in August 2020, we have had an inflow of almost $100 million in new capital. We’ve used this to fund the purchases made since then, and additionally have retained some in reserve for another round of purchases in the months ahead, as we have some excellent properties currently in due diligence.
We are continuing to accept new capital and should you wish to add to your investment, it’s a simple matter of completing an application form as an existing investor on-line at www.clarenceproperty.com.au. Have your Investor Number handy.
2020/21 Annual Tax Statement
Your Annual Tax Statement for the year ended 30 June 2021 was made available on-line via Boardroom on Friday 17/9/21. You will have received an email from “firstname.lastname@example.org”. For those Investors without email access, a copy of your tax statement will be mailed to you by Boardroom. If you have any questions regarding your statement, don’t hesitate to call us on 1300 382 862 and select opti…show number
I would like to also take this opportunity to thank the hard-working team who manage the WPT Portfolio on a day-to-day basis. I am proud of the way our Clarence team has faced the challenges COVID-19 has presented, and the ongoing support they have shown to our tenants and our communities.
Finally, I would like to thank our Investors. Our dedicated team remains committed to generating long term, enduring property income on your behalf.
Peter Fahey – Managing Director
Clarence Property is continuing its march across northern New South Wales, with the $13.5 million acquisition of a 16 hectare residential development site at Bilambil Heights, with approvals in place for 100 lots and a community park.
The Bilambil project, located at the corner of Stott Street and Walmesly Road, joins Clarence’s growing portfolio of communities, including the $400 million Casuarina Beach on the Tweed Coast, $300 million Epiq at Lennox Head and $100 million Yamba Quays.
The acquisition also comes off the back of a busy 2020, which saw Clarence acquire five new assets in the commercial, logistics and retail sectors for a combined $70 million.
Clarence Property managing director Peter Fahey says marketing and early construction activity is expected to commence at the Bilambil Heights site around mid-year, addressing a major gap in the market for larger homesites close to the coast and existing infrastructure.
“The level of demand we are seeing across all of our communities is unprecedented – there’s scarce supply of land and we are receiving multiple offers for lots and achieving record prices as buyers put their best foot forward to avoid missing out,” he said.
“With three communities now in the mature phase of their life cycle, we are ready to enter into the development of a new community to ensure we continue our pipeline of residential land supply in the region.
“We’ve done our research and our Bilambil community will deliver exactly what purchasers have indicated they are looking for, with lots ranging from 542sqm through to just over three hectares, with an average size of about 1,200sqm.
“These large will be in a semi-rural setting, surrounded by bushland with aspects to the coastline, yet still within easy reach of amenities, with Coolangatta beach and associated retail and restaurants just ten minutes away, and three schools within a 20 minute drive.
“Bilambil Heights remains relatively untapped in terms of development potential and straddles the area between the Tweed and Gold Coast with easy access to the motorway, making it the ideal location for those looking for a position central to both regions.”
Clarence Property managing director Peter Fahey says the Bilambil Heights community is expected to attract a mix of purchasers due to the variety of housing on offer.
“The larger lots will appeal to local families looking to upgrade to a new home, as well as buyers from the city and interstate eager for a tree change close to the beach,” he said.
“The site incorporates a mix of flat homesites, gently sloping lots and some contoured lots, paving the way for a mix of traditional and split level homes, which have the potential for spectacular hinterland vistas and scenic ocean views.
“This development will mirror the successful model Clarence has used in other areas, creating boutique communities with ample green space, underpinned by a community park which encourages people to come together.”
Our Managing Director, Peter Fahey, had the pleasure of attending Bond recently to speak to the Indigenous Scholarship Program recipients as one of the University’s Corporate Partners.
To kickstart National Reconciliation Week, Bond University announced that this semester marked the largest cohort of Indigenous students enrolled at the university in 32 years.
Within this cohort, 16 scholarships were awarded across a range of degrees for the Indigenous Scholarship program.
Head to the link below to read more: https://bond.edu.au/news/68005/bond-enrols-record-number-indigenous-students
Another exciting acquisition for Clarence Property…
Situated in the mixed-use fringe CBD suburb of Milton just 2.5km from the Brisbane City Centre, Clarence Property has recently acquired 22 Marie Street, Milton.
The property is currently home to Edge Early Learning Milton, a well-known childcare operator with 19 centres across South-East Queensland.
The custom-designed learning space features 3 levels filled with state-of-the-art resources, including veggie gardens, water-play stations and more!
For more information head to: https://edgeearlylearning.com.au/
YAMBA Coles has gone green, with the store now boasting enough solar panels to power 14 average Australian homes for a year.
Installation of 291 new panels was finished this week, and the array that spans 591 square metres can generate 140,600 kilowatt hours of electricity per year – reducing the store’s environmental footprint and keeping energy costs down.
Coles Yamba store manager Christopher Aslin said the new solar power system would help reduce the store’s environmental footprint and operating costs.
“The new solar panels generate enough electricity to offset 7 per cent of my store’s power consumption, helping to reduce our energy costs so we can continue to offer customers great value,” he said.
“We’ve also recently installed LED lighting and have optimised our store refrigerators, so solar panels are just the next step in running our Yamba store as sustainably as possible.
“Our landlord Clarence Property have been very supportive of us installing the new 99-kilowatt system on our store.”
Coles chief property and export officer Thinus Keevé said the solar panel program was an important part of the Coles’ commitment to be Australia’s most sustainable supermarket and reduce its environmental impact.
“By implementing sustainability measures such as solar panels on our supermarkets, we’ve managed to reduce our greenhouse gas emissions by 6 per cent over the past financial year and by more than 35 per cent since 2009,” Mr Keevé said.
“We have plans to install solar panels on 38 stores this financial year and we will be working with our landlords and property developers in the months ahead to identify further locations suitable for on-site solar power generation.”
TWO popular businesses have confirmed they are staying put at Tamar Village Ballina, which welcomes new tenants after a $2.2 million updrade.
Fund manager Clarence Property, on behalf of Westlawn Property Trust, has completed the refurbishment of their retail and commercial property Tamar Village Ballina.
The project will welcome six new tenants to the property, including Optimum Allied Health, North Coast NSW General Practice, North Coast Community College, Anytime Fitness and Biala Support Services.
Clarence Property is also excited to announce its own office is moving to Tamar Village Ballina this week.
Securing the famous Martin’s Bakery and Tamar Village Pharmacy have been important lease renewals during the upgrade process, continuing to provide customers with convenience and service during the construction period.
The upgrade works incorporate a sophisticated entry statement, providing a modern experience for Ballina businesses.
External upgrade works included a refurbished alfresco area, new bathroom amenities, painting, landscaping, lighting and signage as well as a new facade and pavement stencilling, to create a stylish new look for Tamar Village.
Clarence Property has been committed to supporting the local community, using a number of local contractors for the duration of the development works and providing new employment opportunities for the businesses which have taken up residency in the refurbished Centre.
Clarence Property managing director Peter Fahey was happy with the community’s reaction to the development.
Clarence Property has made a reputation under promising and over delivering for its investors – many in the Clarence Valley – in its 25-year history.
Its leaders including managing directors Peter Fahey and non-executive chairman Jim Dougherty have notable family connections to the Clarence region.
It’s flagship product, the Westlawn Property Trust, which manages properties from the Clarence Valley to South East Queensland, gives investors an attractive alternative to the share market.
In the past three years returns have reached 22 per cent and average out at 14.5 per cent over three years.
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