Hope Island Fund
Hope Island Centre
340 Hope Island Road, Hope Island, QLD
Hope Island Central comprises seven buildings around an at-grade car park, providing a range of accommodation options which have attracted a diverse mix of tenants. This includes cafes and restaurants, small business operators, professional services firms as well as the Queensland Department of Education and Training (south-east Queensland regional headquarters), which is the single largest tenant (36% of passing income). The Property is well located at the gateway to Hope Island, opposite the site for the under construction Hope Island Train Station.
The opportunity for Investors was to acquire a high-yielding retail/office asset with potential to add-value through active management and tenant re-mixing. Since acquiring the asset, various improvements to the Centre have been completed, including a reconfiguration of the car-park, end-of-trip facilities and new signage pylon. The Investment Manager has improved the occupancy rate from below 80% at the time of acquisition to above 93% and maintained strong distributions to Investors along with a lift in property valuation.
Longer-term, the large 2.05ha site represents an attractive land bank for potential redevelopment.
| Fund Status | Current |
| Acquisition Price | $39.64m (January 2018) |
| Equity Raised | $23.5m |
| Key Tenants | Department of Education, Derivco Australia, Hope Island Learning Centre |
