We are pleased to provide our quarterly development update for June 2022.
$250 Million Development Milestone Achieved
Since the establishment of Capital Prudential in 2019, we have now surpassed the milestone of $250m in completed, in-progress and up-coming developments. Our development pipeline has continued to diversify and this June update includes two new residential and one commercial project on the Sunshine Coast in Queensland in addition to a major 15,000m2 industrial development in Maddington, Perth.
Capital Prudential continues to take a highly selective and prudent approach to new developments entering the Diversified Development Fund. For example, our Executive Director of Property, Jarrad Haynes has turned down 20 proposals from developers in Melbourne over the past six months, given the higher pricing risk in that location posed by the current economic climate.
While the current economic climate does present upwards pressure on costs and downwards risk on valuations, Capital Prudential is well placed to mitigate these risks. Specifically, we use a wide pre-approved selection of builders to minimise exposure. Our team undertakes a rigorous due diligence process including financial analysis of builders working on our projects and all projects are contracted on a fixed cost basis.
Our exposure to property price fluctuations is mitigated by the large portfolio of developments which are frequently turned over in the fund. As a result, new developments enter the fund at all stages of the property cycle and we are currently enjoying the opportunity to review proposals for new sites at lower price points.
We would like to take this opportunity to thank our current investors for your support. For those interested in quarterly, property backed 10% fixed interest returns, please see further details below.
Sam Moore
Managing Director
Industry Experts Join Our Team
Capital Prudential, the Fund Manager of the Diversified Development Fund has recently appointed the following experts to our team.
Tim Foster – Director, Capital Prudential
Tim is a highly experienced CFO in the finance and property sectors. Tim was previously CFO of the Stockland Property Group and more recently CFO of the property arm of the Qatar Sovereign Wealth Fund leading treasury, risk, governance, planning and performance. Tim also currently serves as CFO of Credit Union SA.
Michael Fazzini – Executive, Sales and Distribution
Michael is extremely well known and respected throughout the funds management industry, having spent 35+ years at AMP Capital. During that time, Michael has had various roles and responsibilities, all of which have centred around distributing AMP Capital investment capabilities via the Financial Planning community. Michael is a former Federal Director of the Australian Financial Security Authority.
Amelia Adams – Manager, Product Delivery and Management
Amelia will lead the delivery and management of Capital Prudential’s investment products. Amelia is a commerce/law graduate with 8+ years banking experience across Westpac, Adelaide Bank and Bendigo Bank. During that time, Amelia held various roles and responsibilities including structured finance, syndicated debt, legal and financial analysis.
Michael explains why he chose to join Capital Prudential
CURRENT DEVELOPMENTS
Address: Gertrude Street, Norwood, South Australia
2 Detached Dwellings
Completion September 2022
Address: Anglesey Avenue, St Georges, South Australia
Detached Dwelling
Completion June 2022
Address: Park Street, Hyde Park, South Australia
Detached Dwelling
Completion December 2022
Address: Wooltana Avenue, Myrtle Bank, South Australia
2 Semi Detached Dwellings
Completion August 2022
Address: Beulah Road, Norwood, South Australia
Commercial Office Building
Completion December 2022
Address: Stepney, South Australia
Otto Townhomes Stage One
21 Semi Detached Dwellings
Completion April 2023
Address: Gawler Terrace, Walkerville, South Australia
3 Detached Townhouses
Completion June 2023
Address: Coglin Street, Brompton, South Australia
20 Semi Detached Dwellings
Completion February 2024
Address: Watson Avenue, Rose Park, South Australia
5 Detached Dwellings
Completion September 2024
Address: Victoria Terrace, Rose Park, South Australia
13 Apartments
Completion September 2024
Address: Stuart Highway, Stuart Park, Northern Territory
Service Station Plus Fast Food
Completion August 2022
Address: Wooltana Avenue, Myrtle Bank, South Australia (adjacent existing development)
2 Detached Dwellings
Completion 2023
Address: Ruskin Street, Byron Bay, New South Whales
2 Semi Detached Dwellings
Completion 2023
UPCOMING DEVELOPMENTS
Address: Stepney, South Australia
Otto Townhomes Stage Two
40 Semi Detached Dwellings
Address: Maryvale Road, Athelstone, South Australia
Mixed Use Commercial & Residential
Address: Wyandra Street, Noosa Heads, Queensland
2 Semi Detached Dwellings
Address: Delorme Street, Noosa Heads, Queensland
2 Semi Detached Dwellings
Address: Maddington Road, Maddington, Western Australia
15,000m2 Industrial
Address: Woodland Drive, Peregian, Queensland
Commercial
RECENTLY COMPLETED DEVELOPMENTS
Address: Anglesey Avenue, St Georges, South Australia
2 Semi Detached Dwellings
Completed 2021
Address: Grandview Grove, Dulwich, South Australia
2 Semi Detached Dwellings
Completed 2021
Address: Inverloch Avenue, Torrens Park, South Australia
2 Semi Detached Dwellings
Completed 2021
DISCLAIMER: The information provided in this email is issued by [Capital Prudential Diversified Development Fund Pty Ltd ACN 636 282 219 (“Capital Prudential”) (a Corporate Authorised Representative of Capital Prudential Funds Management Pty Ltd (“CPFM”) (ABN 83 636 279 082/AFSL 524725) as trustee for the Capital Prudential Diversified Development Fund (the Issuer of the Income Notes) and is only prepared for wholesale clients pursuant to section 761G(7) of the Corporations Act (Cth) 2001. The information has been prepared to provide you with general information only and Capital Prudential did not take into account the investment objectives, financial situation or particular needs of any person when preparing this information. It is not intended to take the place of professional advice and you should, before acting on this information, consider the appropriateness of this information having regard to your personal objectives, financial situation or needs.
Neither Capital Prudential, CPFM or any of their related parties, their employees or directors, provide any warranty of accuracy, completeness or reliability in relation to such information contained within this email or accept any liability to any person who relies on it. Neither Capital Prudential or CPFM guarantees repayment of capital or any particular rate of return from the investment. All opinions and estimates included in this email constitute judgements of Capital Prudential as at the date of the email and are subject to change without notice. Past performance should not be taken as an indicator of future performance.
