Property fund manager Clarence Property has closed oversubscribed its latest investment offer in its flagship Westlawn Property Trust (WPT), after receiving over subscriptions of $22 million in new capital from investors in South East QLD (SEQ) and Northern New South Wales (NNSW).

The fund continues to be supported from its historic roots of the Clarence Valley however there has been a distinct level of interest from SEQ investors who associate the core assets in the Westlawn Property Trust with their geographical location.

Over 60 % of the capital raised came from new investors with approximately 55% of those funds from Self-Managed Superannuation Funds (SMSFs).

The new and existing investors appreciate Clarence Properties expertise and strategy of purchasing assets in high growth areas typically Noosa to Yamba where the market mechanics are well understood.

The Trust has more than $290 million in assets from Yamba to the Sunshine Coast, including Northern NSW properties Yamba Fair and Byron Bay Fair and the 480 lot Epiq master planned community at Lennox Head.

The fund provides investors the opportunity to tap into successful developments and assets like Epiq Lennox, which sold out the first three stages, each within a week.

Clarence Property managing director Peter Fahey says WPT continues to have a strong presence in Northern NSW and SEQ.

“The fund has a history of solid performance and has not failed to pay a monthly distribution to investors in its 24 years, so we have a reputation for reliability. A number of our investors have been with us since inception.”

“Many investors opted to re- invest in the latest offering because the Trust has a strong base for growth, with a number of key development projects commencing this year and several new acquisitions of blue chip commercal retail and commercial property recently made in Brisbane.”

These acquisitions come hand in hand with the recent appointment of Gold Coast’s Darrel Irwin as a Director of Clarence Property, who will assist in growing the WPT investor base in the Gold Coast and Brisbane markets.

Mr Irwin was previously Colliers Gold Coast director-in-charge and special projects national director for 13 years.

WPT is expected to launch to the market its next offering for investment later this year.

Property fund manager Clarence Property is continuing its push into the South East Queensland market, this week acquiring The Zone Shopping Centre at Underwood for $31.25 million.

The Zone is Clarence Property’s latest Queensland retail purchase for its flagship unlisted Westlawn Property Trust (WPT), which is currently open for investment with a forecast 8.6 per cent distribution including franking credits (for the year ending June 30, 2018).

The shopping centre is tenanted by national retailers including OfficeWorks, Rebel Sport, Good Price Pharmacy and Best Friends Pet Warehouse.

Clarence Property managing director Peter Fahey says The Zone is the fourth South East Queensland-based acquisition for WPT inside six months, with other commercial and retail assets purchased in Hamilton, Spring Hill and Northgate for a total of $34.74 million since October 2017.

Mr Fahey says Underwood is a good fit for WPT, which has more than $250 million in assets between Yamba and the Sunshine Coast.

“Our target asset allocation for WPT is about 30 to 45 per cent retail, with a focus on high yield neighbourhood shopping centres in growth regions,” he said.

“We started in Grafton more than 24 years ago, and while we still have a strong presence in northern New South Wales, we are making a push into South East Queensland, with about 55 per cent of the Trust’s portfolio now located across the region.”

“Underwood was particularly attractive as it is positioned at the corner of a high traffic intersection, next to Queensland’s largest new Bunnings store, which is due for completion in September.”