Concept demonstration. Wholesale investors only. Nothing on this site is an offer of financial products.
Cremorne VICOperating
A refurbished brick-and-beam office building in Cremorne, fully leased to eleven tenants, targeting a 5.8% p.a. net yield paid quarterly.
Income is variable and not assured. Equity is first-loss capital, paid after all debt.
Occupancy, WALE and tenancy figures as at the 30 June 2026 annual review.
A$13.0m of A$13.0m
100%
Foundry House is a four-level brick-and-beam office building two streets from Richmond station, refurbished in 2024 with new services, end-of-trip facilities and a full-height atrium. It is 96% occupied across eleven tenancies with a 4.2-year weighted average lease expiry, and no single tenant contributes more than 18% of income: the sort of spread that makes a small building behave predictably.
The thesis is income, not repositioning: the asset is already stabilised, the rent roll is diversified, and the debt is fixed for the hold. Returns depend on tenants continuing to pay and on values holding at exit. Equity here is first-loss capital, paid after the senior facility, and the target yield is a target, not a promise.
Occupancy is the share of the net lettable area under lease; WALE is the weighted average lease expiry by income. Figures as at the 30 June 2026 annual review.
Units are marked at NAV; this value net of the senior facility, divided across all units. Illustrative only, not a market price.
Estimated value over time
3 valuations shown · the latest point is the current register value per unit · each mark restated at the current unit count and facility balance
← → points · drag to pan · scroll to zoom · click pins · press 0 to reset
| Valued | Estimated value | Change vs previous | Source |
|---|---|---|---|
| 10 September 2024 | A$26.2m | — | Independent valuation · at acquisition |
| 30 June 2025 | A$26.75m | +2.1% | Independent revaluation · FY25 annual review |
| 30 June 2026 | A$27.4m | +2.4% | Independent revaluation · FY26 annual review |
Illustrative only, not a forecast.
Each row moves one figure from the financials above and holds everything else at the stated terms. This is arithmetic on those numbers, not a forecast and not a view on how likely any of it is.
| Scenario | Distributable | Per unit | vs stated |
|---|---|---|---|
| As statedThe terms on this page: A$1.6m net income, less interest and fees. | Distributable A$750,000 | Per unit A$5.77 | vs stated — |
| Senior facility refinances 200 bps higherInterest on A$13.2m rises by A$264,000 a year. | Distributable A$486,000 | Per unit A$3.74 | vs stated −35.2% |
| Net income falls 10%A re-let at a lower rent, a vacancy, or outgoings the lease does not recover. | Distributable A$585,000 | Per unit A$4.50 | vs stated −22.0% |
| Cap rate widens 50 bpsThe asset is valued at 6.0%; at 6.5% the same income is worth less. | Distributable unchanged | Per unit A$93.13NAV / unit | vs stated −14.7% on NAV |
Distributable income is net property income less senior interest and platform and trustee fees, before any distribution is declared. Equity is first-loss capital: the senior facility is paid first in every scenario above, so a fall in income or value reaches the units before it reaches the lender. The scenarios are independent of each other and can obviously happen together.
6 paid · A$8.70 per unit to date
Every distribution this vehicle has paid, newest first. Per unit is the amount divided by the units on the register at that distribution’s own record date, so a quarter is priced at the register as it stood, not as it stands now.
| Period | Paid | Total | Per unit |
|---|---|---|---|
| Q3 FY26 income | Paid 31 March 2026 | Total A$188,500130,000 units on register | Per unit A$1.45 |
| Q2 FY26 income | Paid 19 December 2025 | Total A$188,500130,000 units on register | Per unit A$1.45 |
| Q1 FY26 income | Paid 30 September 2025 | Total A$188,500130,000 units on register | Per unit A$1.45 |
| Q4 FY25 income | Paid 30 June 2025 | Total A$188,500130,000 units on register | Per unit A$1.45 |
| Q3 FY25 income | Paid 31 March 2025 | Total A$188,500130,000 units on register | Per unit A$1.45 |
| Q2 FY25 income | Paid 20 December 2024 | Total A$188,500130,000 units on register | Per unit A$1.45 |
A record of what was paid, not a forecast of what will be. A vehicle’s income depends on its asset and its tenants, and past distributions carry no promise about future ones. Against a A$100 unit, this record is A$8.70 paid to date. How that compares with the vehicle’s own target, and with others on this register, is on the benchmarks page.
A$5.80
A$5.98
A$6.16
A$6.34
A$6.53
Yr 1
Yr 2
Yr 3
Yr 4
Yr 5
| Period | Per A$100 unit |
|---|---|
| Yr 1 | A$5.80 |
| Yr 2 | A$5.98 |
| Yr 3 | A$6.16 |
| Yr 4 | A$6.34 |
| Yr 5 | A$6.53 |
Assumes fixed reviews of roughly 3% p.a. across the rent roll and no change in occupancy.
Illustrative only, not a forecast.
The path from a subscription to a distribution, in the order the deed sets out.
Wholesale status under s708 is verified before any offer document is provided.
Capital is subscribed in A$100 units, settled in AUD, and recorded on the unit register.
One asset, one trust, one deed, with no blind pool and no cross-collateralisation, with an independent trustee.
Office asset at Cremorne VIC, held by the trust and nothing else.
Rental income, after operating costs, interest and fees, is intended to be distributed quarterly, pro-rata to units held.
Every dollar leaves in the same fixed order set out in the trust deed.
Any external senior facility is repaid first (interest and principal) where one exists.
Noteholders are repaid their principal plus every dollar of accrued fixed interest. A debt investment is satisfied, in full, here.
Equity investors' subscribed capital is returned in full.
Equity investors receive a cumulative 8.0% p.a. preferred return on their capital before any profit is shared.
Only the residual profit is divided: 80% to equity investors, 20% to RWA oa: the platform's performance fee, and the last money out.
Owner rights: pro-rata distributions, profit participation, and a vote on major decisions.
Units are not shares in RWA oa, not a deposit, and not a currency. One vehicle per asset, always.
The update feed for a vehicle is visible to signed-in investors.
The offer documents for this vehicle. Wholesale status under s708 would be verified before any of them was provided.
Information Memorandum
84 pp
Supplementary Trust Deed
42 pp
Independent Valuation · Calder Harwick Valuers
61 pp
Accountant's Certificate (s708) template
3 pp
Subscription Deed
18 pp
Demo: document generation disabled.
This raise is closed and is not accepting primary subscriptions. It is shown as part of the completed book.
Registering interest is not an application and creates no entitlement to any future offering.
Developer
Previous raises, deliveries and completed vehicles on the platform.
View track recordRelated offerings
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Adelaide SA
Income is variable and not assured. Equity is first-loss capital, paid after all debt.
A$9.8m of A$9.8m
100%
Raise closed
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