Austgrowth Property Syndicate No. 20 (APS 20)
APS 20 comprises one modern commercial office building located in Milton, in south east Queensland. The Fund initially comprised two properties however the property in Southport on Queensland's Gold Coast was sold in August 2010.
ARSN 105 382 250
Responsible Entity APGF Management Limited
ACN 090 257 480 AFSL No. 229287
- Financial Statistics as at 30 September 2011
- Net Tangible Assets per unit (NTA): $1.21 (unaudited)
- NTA as at 30 June 2011: $1.25 (audited)
- NTA as at 30 June 2010: $1.24 (audited)
- Approximate Value: $15,000,000
- The NTA does not represent the return an investor will receive on final settlement as it does not consider future performance, distributions, disposal costs or achieved sales price. The NTA should be used as a guide only and is calculated using the latest valuation
9 December 2011
The first return of capital has been paid and statements mailed to investors. Investors will be advised in due course regarding the final return of capital payment due in the first half of 2012.
25 November 2011
We are pleased to report the property at 299 Coronation Drive, Milton settled for $15,000,000 on 25 November 2011.
26 October 2011
Following the 30 day due diligence period undertaken by the purchaser, the sale of the property at 299 Coronation Drive, Milton is now unconditional. Settlement is expected on 25 November 2011.
26 September 2011
The highest offer received during the expression of interest campaign for 299 Coronation Drive, Milton in April and May 2011, was $13.5 million. Our letter of 24 August 2011 stated that the main barrier to achieving a higher sale price was the relatively short weighted average lease expiry (WALE).
We are pleased to report that APGF's asset management team successfully negotiated a new seven year lease with existing tenant Paynter Dixon. Paynter Dixon lease 867 square metres and contribute to approximately 27.4% of the property's net income. The new lease commences on 1 October 2011 and includes a three year option.
We subsequently received an offer of purchase for $15 million. After careful consideration of all the terms and conditions, the offer was accepted by APGF. A deposit of $500,000 was received on 26 September 2011 and the purchaser has entered a 30 day due diligence period. Assuming the purchaser is satisfied with its due diligence investigations, it is likely the property will settle on 25 November 2011.
25 August 2011
Following a review of the Fund's position, and the tightening Brisbane commercial office fringe market, the Manager has concluded it is in the best interests of investors to extend the final disposal date by 12 months to 7 November 2012.