York hits the silver screen
York Capital has added an Adelaide cinema complex to its wholesale property fund which is sold through a number of master trusts.
York Capital has added an Adelaide cinema complex to its wholesale property fund which is sold through a number of master trusts.
The Salisbury Cinema Complex was bought for $9.2 million from the developers and has a rental income of $1.1 million. Tenants at the complex include Hoyts, Village Roadshow, Employment National and Subway on long leases. The property was bought on a passing yield of 11 per cent.
York Capital managing director Owen Lennie says the new property will complement the Victorian industrial investment already in the fund.
“We are aiming for a diversified property portfolio and the next investment will probably be in Sydney, perhaps an industrial investment,” he says.
The fund is one of the very few offering investors direct property through master funds and wrap accounts. It is on the preferred lists of Navigator, AustChoice, Freedom of Choice and Confidens master trusts.
The fund has announced a return of 11.2 per cent for the last quarter, Lennie says.
“This brings the overall performance to 7.2 per cent for the year ending June, 2000. With the purchase of the Salisbury property, our return should be about 9 per cent or better for the coming year, with very low volatility” he says.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
