Natgen grows portfolio
Property fund manager and developer Natgen is expanding its South East Queensland portfolio, investing in the development of a new commercial office and warehouse facility in the northern Gold Coast.
Located across from Natgen’s inaugural development, the 5835 sqm site at 13-17 Northward St, Upper Coomera, was purchased by the fund manager for $7.4m.
Investors contribute $8.5m towards total estimated development costs of $17.9m for the facility which will host 27 strata-titled units of between 120 sqm to 300 sqm and will include on-site carparking, individual amenities and landscaped common areas.
Natgen’s Managing Director Steven Goakes said the site benefits from visibility and proximity to the M1 Motorway, providing efficient connectivity to both Brisbane and the Gold Coast.
The Gold Coast City Council has recognised the location’s strategic importance by acquiring neighbouring land for a future additional motorway crossover, which would further enhance access and the site’s long-term appeal.
“Natgen has successfully completed five development trusts since 2019, with a further three in the delivery phase, built on a disciplined development platform underpinned by a consistent approach to execution, risk management and capital deployment,” Mr Goakes said.
“This latest acquisition represents a larger and more evolved project informed by experience gained over years of successful delivery, and we are delighted to be returning near the site of our first such project on the Gold Coast.”
The property was acquired within Natgen Development Trust UC26, which is targeting a total pre-tax return on investment of 25.1 per cent over the term of the trust, net of fees and expenses. The transaction was brokered by Dave Kertesz and Josh Wright from Crew Commercial.
The latest acquisition adds to Natgen’s expanding funds under management, which has now grown to $306m nationwide across 20 active investment and development funds, across a range of sectors and from western to eastern Australia. Mr Goakes said the style of office and warehouse development continued to benefit from changing household and lifestyle dynamics, including smaller residential lots, higher-density living and the growth of home-based and trade-oriented businesses requiring flexible commercial space.
Article by The Courier Mail
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