Armada Funds Management, Fund South Brisbane
Armada South Brisbane Office Fund

Fund Overview 

The Armada South Brisbane Office Fund was established in November 2011 by Armada Funds Management with the objective of providing reliable levels of high income with inflation linked capital appreciation and development potential.

The equity raising comprised $34,800,000 over two tranches targeted at sophisticated wholesale investors with a minimum investment of $100,000.  

The Fund was launched with an initial forecast distribution yield of 9.5% and NAV of $0.96 against a $1.00 offer unit price.

The Property 

The property comprises an A-grade commercial property located at 10 Browning Street, South Brisbane, Queensland.  The purchase also included an adjoining development site located at 9 Edmondstone Street, South Brisbane, Queensland which has subsequently been divested. The Property is located in the South Brisbane precinct immediately adjoining the Brisbane CBD.

10 Browning Street comprises a modern campus style commercial office building which was completed in 2008. The building provides 4 levels of commercial office accommodation including ground floor retail and the Melbourne Hotel with a total NLA of 11,455 sqm. This 100% leased asset provides a solid foundation with tenants including one of Australia’s largest environmental and utilities contracting organisations, Thiess Services (37% of rental income from the property) and the Federal government funded authority NEHTA (22% of rental income from the property) who has recently taken up additional space in the building.

9 Edmondstone Street was a prime development site situated within the near city precinct of South Brisbane. The site totalled 4,407 sqm with a prominent 100 metre (approximate) frontage to Edmondstone Street in this highly sought after location. The Property was sold to Galileo Arena and has now been developed into a residential unit complex.

Key Fund Information 
Fund Type: Wholesale direct property fund
Strategy: Provide reliable levels of high income with inflation linked capital growth with development potential.
Inception Date: November 2011
Term: 7-9 years
Status: Closed to new investors
Fund Size: $65 million
Minimum Investment: $100,000
Distributions: Quarterly
Liquidity: Armada will seek to sell the property in 7-9 years or list on the ASX.


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