Smithfield Development Fund
109-117 McGregor Road,
Smithfield, QLD 4878
The Smithfield Development Fund (Fund) was established to advance capital in the form of a first mortgage loan facility and Preferred Equity to a project being undertaken to develop a new service station, childcare centre and quick-service retail in Smithfield, located in the northern suburbs of Cairns, Queensland. The project is located on a prominent site within close proximity to the Captain Cook Highway and James Cook University.
The Fund provided an initial first mortgage land loan up to an LVR of 65.0% to enable the developer to refinance an existing facility and meet several development milestones to allow the Project to proceed into the construction phase. This transitioned into a preferred equity facility during the construction phase.
The Fund provides investors with exposure to a well located development site in the northern growth corridor of Cairns, and the opportunity to work alongside an experienced developer to deliver the Project. Service stations and QSR centres have shown considerable resilience since the COVID-19 pandemic and are expected to benefit from ongoing investor interest in the sector.
| Fund Status | Current |
| Project | Service Centre, QSR and Childcare facility in Smithfield, Cairns |
| Fund Term | 16 months (forecast) |
| Equity Raised | $7.35m |
| Investment Structure | First Mortgage Facility / Preferred Equity via Closed-End Unit Trust |
| Investor Internal Rate of Return | 16.0% p.a. (forecast) |
