New Properties acquired for ResiFund Portfolio*

ResiFund is pleased to announce the acquisition of three properties in Camberwell, Melbourne, which combined, will provide for a significant medium term redevelopment opportunity.
The combined site (pictured below), currently has three older style, 2-3 bedroom single story units, each on separate titles. The total purchase price for the three properties will be $3.8million.

The plan for the site is to initially undertake some minor reconfigurations of two of the three existing units and then rent each one to generate a positive rental income until the site can be redeveloped.
Based on our initial analysis and subject to Council Approval, the combined site should then be able to be redeveloped into an:z

• Apartment Development comprising at least 12-13 apartments or,
• Townhouse development, similar to our recent Croydon acquisition in Melbourne.

After settlement this month and minor building works, we anticipate all three units will be leased by Sep 2022. Thereafter and following further analysis of the highest and best use for the site, we then anticipate making a Planning Application in Nov 2023, to which we would expect to receive approval by November 2024. Construction could then commence around May 2025.

Location

Camberwell is located 9km east of the Melbourne CBD, within the City of Boroondara.
Camberwell is considered a “blue chip” style suburb. The site being acquired offers attractive employment hubs for tenants, including the Melb CBD and offers attractive amenities, being only 900 metres from the Camberwell Junction retail precinct. There are also strong transport options with a Tram stop and Train station within 100 & 550 metres respectively, of the site we have acquired.
Vacancies in Camberwell are currently very low at 1.6% as at May 2022 (Source SQM) which should support short and long-term leasing and rental growth.

ResiFund Portfolio Following Acquisitions

This latest acquisition will further diversify ResiFund to include 11 properties (pre townhouse construction), covering Melbourne, Brisbane, Perth and Sydney.

It will also provide diversification across a range of different property types: