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.