Thornton (Stage 2) Development Fund
The Fund invested $15.63m of preferred equity into Stage 2 of the Thornton Central residential apartment project, located in Penrith, NSW. The project, comprised 191 residential apartments with an end value of circa $101.5m, formed part of a larger urban renewal precinct known as Thornton, with a mix of low-medium density housing, open space, recreational facilities, and proximity to the Penrith train station and Penrith CBD.
The Fund sought to provide Investors with exposure to a high-quality residential project with strong levels of pre-sales and a highly skilled delivery team (St Hilliers and First Point Projects). The contribution of preferred equity provided investors with a minimum priority return and the potential for additional returns from residual project profits. The Project was completed on-time and within budget and Investors equity and profits returned over a Fund term of 24 months.
