Current Funds


Fortius Active Property Trust No. 1

The Fortius Active Property Trust No. 1 (FAPT1) was closed in April 2006 with $403m in investor commitments. FAPT1 was open to wholesale investors only.

The fund purpose is to invest in a diverse property portfolio of buildings and/or land that offers capital growth and some income over the medium term by targeting properties where superior returns can be identified through Active Management strategies not often recognised and exploited by other fund managers.

Assets are generally repositioned to investment grade. Once repositioned each asset is held in a separate trust allowing for flexibility to hold over an indefinite time period as Core.

The Fund made 6 investments in 2006 and 2007 that have yielded 9 assets. To date 3 assets in the Fund have been realised.




1 Adelaide Terrace, Perth

1 Adelaide Terrace is a modern 9 Level A Grade office building in Perth’s CBD with a net lettable area of 19,362 m2. The property has an attractive curved facade allowing for panoramic views over Perth’s Lake Vasto. All office areas enjoy good natural light, in part provided by the feature central atrium. 1 Adelaide Terrace sits adjacent to the 40 hectare urban renewal project called Riverside that will extend Perth’s CBD grid down to the waters edge, via extensions to Hay Street. Works have begun on this project and it will encompass 3,400 new dwellings, 5,800 new population, 81,000m2 of new retail and commercial space and 1,700 new workers.

Strategy:

Rental Reversion

      

Outcomes:

Location:

Perth, WA

 
  • Increased net lettable area.

NLA: 

19,631

  • Current NABERS energy rating 3.5 stars with sustainability upgrades targeting 4 stars.

Date Acquired: 

2007

 
  • Increased passing rent by 133% from acquisition.  

Disposal Date:

2012

 
  • Most recently closed leasing transaction was a new 10 year lease to a multi floor tenant.

 

 

MidCity Centre, Sydney

MidCity Centre was redeveloped by Fortius and Lend Lease into four levels of specialty retailing, fully integrated with the 420 George Street commercial tower.  MidCity Centre is positioned in the heart of Sydney's retail district and incorporates over 50m of frontage to Sydney's premier retail strip 'Pitt Street Mall' with a direct link to Sydney's main street 'George Street'.  The property has 9,111sqm of lettable retail area with connections into the adjacent Sydney Central Plaza on 3 levels. The centre is currently configured into 45 retail tenancies and a Virgin Active Healthclub.

  

Strategy:

Re-build, re-lease                 

 

 Outcomes:

Location:

Sydney CBD,

 

  • Increased Gross Lettable Area of the centre.

NLA:                        

9,111

  • Reduced the number of tenancies and introduced higher quality tenants.

Date Acquired: 

2006

  • Leased to 100% occupancy within 1 year of construction completion.

Disposal Date: 

Currently in FAPT1

 

  • After acquisition and reconfiguration introduced Lend Lease Investment Management as a 25% co-owner.

For leasing enquiries please contact Fortius

 

420 George Street, Sydney


420 George Street is one of Sydney’s newest office towers located in the heart of Sydney’s CBD and sits atop and adjacent to the four level MidCity retail Centre which spans George St and the Pitt Street Pedestrian Mall. Construction was completed in Q3 2010. The building was developed to incorporate the latest design and sustainability features available in today’s state-of-the-art office buildings.

The tower encompasses 31 levels of A Grade office space and was developed by Fortius in conjunction with co-owner Lend Lease. The building’s tenants enjoy the most contemporary, efficient and highly specified space available.

420 George St was recognised as Sydney CBD’s 1st 5 Star Green Star Design v2 office building and in February 2012 was awarded the 5 Star Green Star As Built v2 rating. This ‘Australian Excellence’ sustainability credential is coupled with a 4.5 Star NABERS Commitment Agreement.

Strategy:

 

Re-design, develop, lease

 

Outcomes: 

Location: 

Sydney CBD

 
  • Developed 37,733sqm state-of-the-art A Grade office tower. 

NLA:

 

37,733

 
  • Development and construction works intensively managed to achieve completion 12 weeks ahead of program (~8.1% ahead of program). 

Date Acquired:

2006

 
  • Construction works delivered under budget (~8.5% below budget). 

Disposal Date:

Currently in FAPT1 

 
  • Secured leasing commitments outperforming budgets and valuations.  
     
  • Post acquisition and reconfiguration, introduced Lend Lease as a 25% co-owner.  
     
  • Pre-leasing commitments from State Street (~10,500sqm) AECOM (~ 11,900sqm) and Virgin Active (~ 4,500sqm). 
     
  • Winner of the Sir Arthur G Stephenson Award for Commercial Architecture 2011.  

For leasing enquiries please contact Fortius

      

www.420georgestreet.com.au

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2-14 Meredith Street, Bankstown, Sydney 

A modern, 13,796 m2 office building located on a prominent corner in Bankstown’s CBD. The building enjoys excellent access to public transport, has a high car parking ratio with 239 car bays and comprises of large contiguous and flexible floor plates. The building provides high specification office accommodation of a general superior standard to common suburban offices in metropolitan Sydney. In addition to the rental stream from office users (currently 100% leased to 16 office tenants), longer term the building has further potential upside as a residential conversion due to its layout and location.

Strategy:

Reposition, re-lease

  

 Outcomes:

Location:

Bankstown, NSW

 

  • Active leasing strategy executed.

NLA: 

13,796

 

  • Increased occupancy from 50% (at acquisition) to 100%.

Date Acquired: 

2006

 

  • Leasing outcomes achieved sooner and for lower cost outlay than budgeted for in feasibility.  

Disposal Date:

Currently in FAPT1

 

  • Refurbished vacant floors.

 

 

 

  • Implemented sustainability practices achieving a 4 star NABERS.

For leasing enquiries please contact Fortius

108 Wickham Street, Brisbane

 

Centenary Square is a striking, highly prominent 6 story A Grade office building completed in January 2008, comprising 5 office floors and ground floor retail. The building has a net lettable area of 11,885 m2 and 140 basement car spaces. The property occupies a prominent island site at the gateway to Brisbane CBD. The property had a 5 Star ABGR rating on disposal.

Fortius Active Property Trust No.1 sold 108 Wickham Street in February 2010. 

Strategy:

Develop on surplus land, lease

 

 Outcomes:

Location:

Brisbane, QLD

 

  • Redevelopment of Surplus land on property with existing income producing building.

NLA: 

11,885

 

  • Creation of A Grade office building.

Date Acquired: 

2006

 

  • Leased to 95% occupancy, with quality office and retail tenants on long leases.

Disposal Date:

2010

 

  • Developed on time and within budget.

     
  • Sold as a Core property.

 

 

100 Wickham Street, Brisbane

  

The property is approximately 850m from the Brisbane General Post Office (GPO), at the Northern gateway of the Brisbane CBD and has three street frontages to Gotha Street, Barry Parade and Warren St. The property has been refurbished to an A Grade classification and consists of office floor plates of 996 m2 on average. Due to the low height of surrounding buildings, all office floors offer good natural light and expansive views.

 

Strategy:

Reposition, re-lease

  

 Outcomes:

Location:

Brisbane, QLD

 

  • Reconfigured and shuffled tenants and executed new leases to take to 100% occupancy.

NLA: 

13,104

  • Replaced and upgraded over 80% of the lettable areas and most budiling services. 

Date Acquired: 

2006

 

  • 40% of building leased to the State Government of Queensland in a number of new leases.

Disposal Date:

Held in  FAPT1

 

  • Reduced operating expenses.  
     
  • Current NABERS energy rating 3.5 stars with sustainability upgrades targeting 4 stars. 

For leasing enquiries please contact Fortius 

1 Tindall Street, Campbelltown, Sydney

1 Tindall Street comprises two free-standing buildings providing bulky goods retail and warehouse accommodation over 1.03 hectares, 6,618 sqm of Gross Lettable Area and includes on-site parking for 173 vehicles. The buildings are 100% leased to international and national tenants on long term net leases. The property enjoys flexibility in zoning (10A Zoning) allowing future retail and mixed use up to 10 storeys and is adjacent to strong retail including Bunnings and in close proximity to Macarthur Railway Station and Macarthur Square Shopping Centre.

 

Strategy:

Re-lease, increase NLA, lease

 

Outcomes: 

Location: 

Campbelltown, NSW 

 

  • Built new building on pad site, increasing GLA by 21%.

NLA:  

6,618

 

  • Leased for 10 years to two national retailers.

Date Acquired: 

2006 

 

  • Secured new 12 year lease for existing building (66% of GLA).

Disposal Date: 

Currently in FAPT1 

 

  • Increased WALE from 3 years at acquisition to 10 years (2011). 

 

 

 

  • Increased occupancy from 80% to 100%.  

 

 

 

  • Reconfigured carpark to accomodate all tenants.

 For leasing enquiries please contact Fortius 

Junction Fair Shopping Centre, Newcastle

 

Junction Fair Shopping Centre, Newcastle was acquired as an under-performing but fundamentally sound shopping centre that presented an exceptional “value add”opportunity. Fortius plans to grow the income of the asset by re-positioning, re-configuring, re-mixing and re-leasing vacant areas, restoring the centre to it's former glory. The Fortius team will bring to Junction Fair their experience gained from over 70 projects and investments together with their management team have over 100 years of experience and detailed knowledge of the operational requirements of active property investment and asset management.

 

Strategy: 

Upgrade, re-let

  

Objectives:  

Location: 

Newcastle, NSW 

 

  • Execute active retail leasing strategy that meets the needs of the local community.

GLA: 

7,244

 

  • Intensive marketing initiatives to rebuild the reputation and rejuvenate the centre.

Date Acquired:

2014


  • Re-let to 100% Occupancy

 

  • Cosmetic Refurbishment

1 Douglas Road, Moss Vale, NSW

 

The Moss Vale property is industrial zoned land of approximately 67 hectares located in the Southern Highlands of NSW approximately 75 kms south west of Campbelltown and 130km south west of Sydney CBD. The property abuts a parcel of land owned by AMP.

Strategy: 

Re-zone, create development proposition

 

Outcomes:

Location: 

Moss Vale, NSW

 

  • Rezoned to Industrial 4(i).

Size: 

66.88ha

 

  • Douglas Road upgraded to Double B. 

Date Acquired: 

2007 

 

  • Site sewered. 

Disposal Date: 

Currently in FAPT1

 

 



1 Bugden Place Campbelltown, Sydney

 

The property is a single tenant hardware retailing asset. It is leased to Bunnings Warehouse on a long term lease. The property sits between Campbelltown Central Business District and Macarthur Square Shopping Centre. The property comprises approximately 13,804 m2 of lettable area on a site of 25,500 m2 with parking for up to 220 cars.

Fortius Active Property Trust No.1 sold 1 Bugden Place in June 2009.  

Strategy:

Increase GLA and re-lease

  

Outcomes: 

Location: 

Campbelltown, NSW  

 

  • Obtained a vacant posession on balance of land parcel.

NLA: 

25,500 

 

  • Increased GLA by extending existing building.

Date Acquired: 

2006

 

  • Elongated lease to Bunnings on expanded GLA.

Disposal Date: 

2009 

 

  • Sold to private investor. 

 

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