Commercial fund closes fully subscribed
Momentum Wealth’s partner company, Mair Property Funds, has successfully raised funds to settle the initial purchase for its latest trust, the MPF Retail Fund, acquiring a commercial property in Brisbane.
MPF launched the new fund late last year with the aim of acquiring several retail properties in expanding demographic areas throughout Australia.
The first asset to be acquired as part of the fund is the Castle Hill Village in Murrumba Downs, 26 kilometres north of Brisbane.
The property was selected because of its sound underlying fundamentals including:
- Prominent location with excellent visibility on a major arterial route
- Diversified income stream with 19 tenants including McDonalds, IGA and a medical practice
- A total weighted average lease expiry (WALE) of 6.8 years across all tenancies
- Part of Queensland’s fastest growing area and the new Petrie University Precinct
Investors in the MPF Retail Fund can expect to receive a cash return of 7.5% for the first year.
MPF has already identified ways to reduce the property’s running costs and engaged a more proactive leasing strategy.
The acquisition takes the value of properties under management by MPF above $180 million across three states.
MPF has already commenced the search for a second commercial asset for the fund, which will be open for further investment in the coming months.
If you’d like to find out more about the MPF Retail fund please call David Ellwood on 9321 5566 or email firstname.lastname@example.org