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.
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