RF CorVal PMSC Head Trust

35-37 Prohasky Street, Port Melbourne VIC 3207

Property Information

Property35-37 Prohasky Street, Port Melbourne VIC 3207
CommencementMarch 2021
Land Size32,591 sqm
Target Equity IRR12-15%

Industrial asset in urban renewal precinct.

The PMSC Head Trust is an unlisted property trust established to acquire 35-37 Prohasky Street, Port Melbourne. It comprises a large 32,591 sqm parcel of land that is leased to Port Melbourne Shipping Containers for shipping container rated hardstand purposes.

The Port Melbourne area is forecast to change dramatically under the Fisherman’s Bend Urban Renewal Area , Australia’s largest urban renewal project covering 480 hectares. Under this planning framework the Property is identified as new public open space. It is expected that the Property will be compulsorily acquired by the planning authority given its identification as proposed open space, and that it will be valued based on its highest and best use (being its residential development value). This will provide significant upside from the purchase price given the discount at which the Property has been acquired.

The Trust’s investment strategy centres on acquiring the Property at a low base price, utilising it as a hardstand for the medium to long term and look to exit once the precinct has been established and further developed out. Consideration may also be given to upgrading the existing hardstand or the construction of a small ancillary warehouse component to maximise earnings whilst awaiting the optimal time to dispose of the Property.

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