Portfolio

Our investment portfolio spans Australia, with a focus on retail, industrial/logistics and social infrastructure.

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Feature Properties

The following Feature Properties present case studies and our rationale for investment.

Brisbane Airport Office and Manufacturing Facility, QLD

Award-winning state-of-the-art CLT office building with adjoining warehousing and manufacturing facility, with air-side access to the Brisbane Airport for the benefit of the specialist tenant.

The property is located on leasehold land comprising part of Brisbane Airport, with term-certain to 2047. Given the ongoing and significant investment at Brisbane Airport, we believe the airport will extend their lease beyond 2047, thus providing an extended term for this property. In addition, the tenant is an established business (50 years) in a defensive industry, which is rapidly growing and thus provides surety of income. This transaction also includes a range of divestment options.

The investment is currently paying an annual distribution of 7.2% with a forecast IRR of 12-14%.

BUILDING AREA

13,000m²

Site Area 26,000m²

Interlink, Strathfield, NSW

High-tech industrial warehouse development containing 88 units/13,000sqm of floor space on a 26,000sqm property located adjacent to the NSW’s largest intermodal logistics centre.

At time of acquisition the property presented as an irregular triangle shape dissected by an open stormwater channel, and an easement for overhead powerlines. These constraints shaped a development strategy focussed on smaller format industrial units – the placement of which could be manipulated to accommodate the property’s constraint while taking advantage of two prominent street frontages. The development strategy also took advantage Sydney’s constrained industrial land supply, with growing demand for industrial space.

The project was developed by Cosgrove Group and 100% sold prior to completion of construction.

The Investment returned a 20% IRR (post fees) to investors. Cosgrove Group has achieved an average IRR of over 25% across its completed industrial developments.

DEVELOPED AREA

13,000m²

Site Area 26,000m²

Midland LFR Centre, WA

23,400sqm large format retail centre situated on 43,000sqm of land in the growth precinct of Midland, Perth. The asset is located on a prominent corner providing excellent frontage and exposure for retailers, with convenient access from main arterial roads.

The underwrite for this investment was supported by a number of factors including: irreplaceable, major land holding adjacent to main road infrastructure; acquired below replacement cost in a ‘peak’ interest rate environment; constrained land supply and high construction cost limiting new supply; and, income underpinned by major national tenants.

The asset is leased to household names such as Officeworks, Good Guys, TKD (Bunnings), JB HiFi, Adairs, Baby Bunting and Nick Scali.

The Investment is currently paying an annual distribution of 7% with a forecast IRR of 12-14%.

BUILDING AREA

23,400m²

Site Area 43,000m²

Property Portfolio

The Esplanade Hotel, Fremantle WA

A landmark trophy-asset located in the heart of Fremantle, Perth’s premier tourist destination. The property occupies a substantial 12,500sqm landholding on the harbourfront and comprises 300-hotel rooms, two swimming pools, four restaurants and bars, plus the Ball and Chain public bar. The hotel has conferencing facilities capable of accommodating 1,000 patrons – one of only three such venues in Perth.

A rolling refurbishment and improvement strategy will be implemented to add-value in the short-term, and to ensure this property retains its landmark status for the future.

Warners Bay, NSW

12,500sqm Large Format Retail centre entirely occupied by ASX-listed and/or national tenants providing a highly reliable and growing income stream. The property occupies a commanding and high-exposure location 20-minutes/13kms from Newcastle CBD and is located in a fast-growing population corridor. In addition to the greenfield house and land growth in the area, the NSW Government announced plans in 2024 for a further 20,000 medium-density homes around three train-stations all within 10-minute drive of the property. The property is well-position to capitalise on this population growth.

Interlink Milperra, NSW

20,000sqm of prime industrial land developed by Cosgrove Group to comprise 12,500sqm of architecturally designed, hi-tech industrial warehousing minutes from the M5 and Milperra/Canterbury Road. The development responds to the high demand for quality space in the land constrained Sydney industrial market.

Camperdown Modern, NSW

11,000sqm state-of-the-art private hospital located moments from Royal Prince Alfred public hospital and 3 world-class universities. Camperdown Modern sits within the Tech Central precinct which the NSW Government is positioning as Australia’s innovation engine.

Camperdown Modern is being developed by Cosgrove Group in partnership with Mathieson Property.

Interlink Riverwood Junction, NSW

36 high-tech industrial warehouse units located only 800m from the M5 Riverwood Junction in Punchbowl successfully developed by Cosgrove Group and was 100% sold prior to completion of construction.

Murray Street Mall, Perth CBD

Flagship retail asset located in the heart of the tightly held Perth CBD. The property is set to benefit from its proximity (300m) to the new Edith Cowan University city campus which is scheduled for completion in late 2025. On completion the university will house over 10,000 students and staff.

Large Format Retail Centre, Albany, WA

Large format retail centre developed by Cosgrove Group. The project was over 90% pre-committed to some of Australia’s leading retail brands prior to construction completion.

Brisbane Airport Office and Manufacturing Facility, QLD

Award-winning state-of-the-art CLT office building with adjoining warehousing and manufacturing facility, with air-side access to the Brisbane Airport for the benefit of the specialist tenant.

Midland LFR, WA

The asset is leased to household names such as Officeworks, Good Guys, TKD (Bunnings), JB HiFi, Adairs, Baby Bunting and Nick Scali.

Interlink Strathfield, NSW

High-tech industrial warehouse development containing 88 units/13,000sqm of floor space on a 26,000sqm property located adjacent to the NSW’s largest intermodal logistics centre. Successfully developed by Cosgrove Group and 100% sold prior to completion of construction.

Elmsfield Road, Midvale, WA

65,000sqm of prime industrial land only 30-minutes from Perth CBD, which is to be progressively redeveloped by Cosgrove Group to meet market demand as existing leases expire. Perth industrial land supply is severely constrained, which is set to benefit this significant land holding over its progressive redevelopment programme.

Warehouse Facility, Helensvale, QLD

Industrial warehouse facility located in the Gold Coast, which is benefiting from significant population growth and capital investment to support the 2032 Olympics. The property was acquired vacant and was 100% leased prior to settlement.

Hazelbank Residences, North Sydney, NSW

A boutique residential project being developed by Cosgrove Group which include ground floor retail space with great exposure to Pacific Highway. The property is located a short walk from North Sydney CBD, and also both the new metro stations for Crows Nest and Victoria Cross in North Sydney.

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