Concept demonstration. Wholesale investors only. Nothing on this site is an offer of financial products.
Brunswick VIC32 days remaining
A 42-apartment infill development in Brunswick with three ground-floor retail tenancies, targeting a 16.5% p.a. IRR and a 1.45x equity multiple over 30 months.
No income during delivery. Profit is paid at completion through the waterfall; higher risk.
A$3.0m of A$9.0m
33%
The Tannery converts a former leather works on a 1,900 sq m Brunswick site into 42 apartments over three ground-floor retail tenancies. The planning permit is approved, the builder is engaged on a fixed-price contract, and 58% of apartments are modelled as pre-sales before construction starts, which is what makes the senior facility available on these terms.
This is development equity, so the shape of the return is different: nothing is distributed during delivery, and the target is a single payout at completion in month 30. It sits at the bottom of the capital stack. Proceeds pay the senior facility first, then return equity capital, then the cumulative 8.0% p.a. preferred return, and only the residual is split 80/20 with RWA oa. Cost overruns, delays and softer sales all land on equity before they land on anyone else.
3 of 6 complete
Development approval
Consent granted by Merri-bek City Council with conditions on facade retention.
Programmed 30 September 2025 · 12 days earlier
Builder appointed, contract executed
Fixed-price design-and-construct contract with a tier-two builder.
Programmed 15 December 2025 · 7 days later
Site establishment and demolition
Programmed 27 February 2026 · 7 days later
Structure complete to level 4
Delayed by a wet Melbourne autumn and a two-week hold on the heritage facade propping design.
Programmed 30 June 2026 · 92 days later
Practical completion
Contract date; the revised structure date has not yet been absorbed into the programme.
Settlement of presold apartments
Dates are the sponsor’s own programme, recorded as they set them and kept when they change. A completed milestone is not a valuation event: the vehicle is marked by independent valuation on its own cycle, whatever the programme says.
Stated by the sponsor as at 30 June 2026
The forecast is A$60,000 above the approved budget.
55.9% of the forecast final cost has been spent: a measure of money, not of works complete.
Senior facility A$6,900,000 drawn of A$19,400,000 (35.6%), leaving A$12,500,000 undrawn.
Since 31 Mar 2026: incurred +A$2,500,000, forecast +A$530,000.
Structure at level 2. Facade retention works approved by council and now in the budget. Forecast is A$60k above the revised budget, held in contingency.
A$170,000 borne by the vehicle across 2 · A$110,000 borne by the builder across 1
Figures are the sponsor’s own statement at the date shown, not an independent certification. A forecast is an estimate and is expected to move; every statement is kept so the movement stays visible.
How the construction facility is staged against the build, as the sponsor records it. Claims are certified and approved by the quantity surveyor and the financier; figures are developer-reported.
| Stage | Allocated | Released | Remaining | Expected | Status | Conditions |
|---|---|---|---|---|---|---|
| Stage S1 · Site establishment and demolition | Allocated A$1,400,000 | Released A$1,400,00019 Dec 2025 | Remaining A$0 | Expected 31 Dec 2025 | Status Paid | Conditions3 of 3 provided
|
| Stage S2 · Basement and podium structure | Allocated A$2,800,000 | Released A$2,800,00025 Mar 2026 | Remaining A$0 | Expected 31 Mar 2026 | Status Paid | Conditions3 of 3 provided
|
| Stage S3 · Structure to level 2 | Allocated A$2,700,000 | Released A$2,700,00024 June 2026 | Remaining A$0 | Expected 30 June 2026 | Status Paid | Conditions3 of 3 provided
|
| Stage S4 · Structure to level 3 and facade retention worksCertified with the council-imposed facade retention in the claim; release scheduled for month end. | Allocated A$3,100,000 | Released — | Remaining A$3,100,000 | Expected 31 Aug 2026Past its expected month | Status Approved | Conditions4 of 4 provided
|
| Certified with the council-imposed facade retention in the claim; release scheduled for month end. | ||||||
| Stage S5 · Facade and services rough-in | Allocated A$2,600,000 | Released — | Remaining A$2,600,000 | Expected 15 Dec 2026 | Status Pending | Conditions0 of 3 provided
|
| Stage S6 · Fitout and finishes | Allocated A$2,900,000 | Released — | Remaining A$2,900,000 | Expected 15 Feb 2027 | Status Pending | Conditions0 of 3 provided
|
| Stage S7 · Practical completion claim | Allocated A$2,400,000 | Released — | Remaining A$2,400,000 | Expected 31 Mar 2027 | Status Pending | Conditions0 of 3 provided
|
| Stage S8 · Retention release | Allocated A$1,500,000 | Released — | Remaining A$1,500,000 | Expected 30 June 2027 | Status Pending | Conditions0 of 2 provided
|
| Total Total | Allocated A$19,400,000 | Released A$6,900,000 | Remaining A$12,500,000 | 3 of 8 paid | ||
The current value is the as-if-complete figure. Development equity is carried at cost on the register until completion: the uplift is a target, not a mark.
Estimated value over time
3 valuations shown · the latest point is the current estimated market value
← → points · drag to pan · scroll to zoom · click pins · press 0 to reset
| Valued | Estimated value | Change vs previous | Source |
|---|---|---|---|
| 15 November 2025 | A$31.6m | — | Independent valuation · as-if-complete at DA submission |
| 20 March 2026 | A$32.2m | +1.9% | Independent valuation · as-if-complete, permit approved |
| 10 June 2026 | A$32.5m | +0.9% | Independent valuation · as-if-complete |
Illustrative only, not a forecast.
This vehicle pays at completion, so there is no running distribution record and its absence is not a shortfall. Accrued interest and the repayment date are in the terms above.
A$0.00
A$0.00
A$362.50
Yr 1
Yr 2
Mth 30
| Period | Per A$250 unit |
|---|---|
| Yr 1 | A$0.00 |
| Yr 2 | A$0.00 |
| Mth 30 | A$362.50 |
Development equity pays nothing during delivery. The targeted A$362.50 per A$250 unit (the 1.45x multiple) is a single completion payout, made through the waterfall.
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$250 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.
Development asset at Brunswick VIC, held by the trust and nothing else.
Nothing is distributed during delivery. Settlement proceeds are collected at completion and enter the waterfall as one realisation.
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.
Delivery and distribution updates for this vehicle would appear here as they are posted.
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.
Illustrative outcomes on the terms shown, from A$100,000 to A$1,000,000.
Estimates only: not a forecast, not advice, and not an offer. Figures are illustrative and derived from the terms shown; actual outcomes depend on the asset, the market, and the vehicle’s deed.
Subscription requires verified wholesale status under s708. Sign in if you already have an account.
Developer
Previous raises, deliveries and completed vehicles on the platform.
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Questions investors have asked the sponsor about this vehicle, with the sponsor’s answers. This is not a discussion board: every exchange is answered by the sponsor and published by us, and nothing here is advice about whether to invest.
When an investor asks the sponsor something and the answer is published, it appears here, for everyone, not just the person who asked.