![[masthead] Marque](http://primespaceproperty.com.au/wp-content/uploads/2011/10/masthead-Marque1-960x195.png)
The latest report to investors of the Prime Access Property Fund in accordance with ASIC Regulatory Guide 46 “Unlisted Property Schemes: Improving disclosure for retail investors” updated from 1 November 2012 is now available.
Unit prices updated. View here.
The 2011/2012 Annual Taxation Statements for the Prime Access Property Fund were mailed to all investors on 16 October 2012. Please contact us if you have not received it.
The Board of PrimeSpace wishes to advise that Mr Noel McCann retired from the Board of Directors of PrimeSpace Property Investment Limited and its affiliated subsidiaries on 4 October 2012. Mr McCann also retired as chairman of the Investment Committee with effect from 4 October 2012.
The Board of Directors sincerely thank Mr McCann for his contribution both as a Director and as Chairman of the Investment Committee.
PrimeSpace is pleased to invite all exsiting investors to be the very first to see Canberra’s Smartest Apartment development on the Marque Hotel site on Northbourne Avenue. Click here for your special invitation and register your interest with Colliers International by 13 January 2012 to ensure to are first in.
A report for as at November 2011 has been sent to all investors in the Prime Access Property Fund.
Please follow this link to view an important announcement regarding the payment of distributions from the Prime Access Property Fund. Click here to download a copy of the notice => Important Information about distributions
Unit prices updated. View here.
The external audit of the financial statements of PrimeSpace Property Investment Limited has been completed and the audit report and general purpose financial statements have were lodged with ASIC by 31 October 2011.
PrimeSpace is pleased to launch its new corporate brand and website. The refreshed brand portrays our commitment to ensuring the future of our investors is positive. The website upgrade will allow us to provide an increased level of information to existing and prospective investors.
PrimeSpace would like to thank Swell Design for the excellent work on the brand and the new website.
The 2010/2011 Annual Taxation Statements for the Prime Access Property Fund were mailed to all investors on 13 October 2011. Please contact us if you have not received it.
The audit of the compliance plan for the Prime Access Property Fund has been completed by RSM Bird Cameron. The report was lodged with ASIC on 30 September 2011 as required.
The audited financial statements for the period ending 3o June 2011 have been lodged with ASIC and are available for investors. Please contact PrimeSpace should you require a copy.
Unit prices updated. View here.
A distribution of 1.075 cents per unit was paid to investors in the Prime Access Property Fund for the period ending 30 June 2011.
PrimeSpace has successfully raised more than $5 million via an issue of convertible notes in the Prime Access Property Fund. The offer was oversubscribed. The funds were raised from wholesale investors only and will provide pre-development funding for several current projects with the Fund
Local investors in the NSW town of Orange will soon be able to own their own slice of Orange by investing in a new unlisted property fund that will own the soon to be built Quest Serviced Apartment complex in the heart of the Orange CBD.
The change of use charge for the Marque Hotel following approval to vary the lease purpose clause has been paid to ACTPLA. We are awaiting the outcome of the development approval for the construction of apartments on the site which is expected by the end of August 2011.
The change of use charge for Canberra House following approval to vary the lease purpose clause has been paid to ACTPLA. We have now commenced a review of the master plan for the site.
PrimeSpace is pleased to announce that it has appointed Colliers International to market the pending redevelopment of the Marque Hotel site in Canberra. The proposed development comprises a 230 unit apartment complex on Northbourne Avenue, Canberra’s major arterial road through its CBD.
The Prime Access Property Fund is now closed to investors.
A distribution of 1.075 cents per unit was paid to investors in the Prime Access Property Fund for the period ending 31 March 2011
Prime Access Property Fund is currently seeking to raise $5 million via an issue of convertible notes in the fund. The funds will be raised from wholesale investors only and will provide pre-development funding for several current projects with the Fund
A report for the period ended 31 March 2011 has been sent to all investors in the Prime Access Property Fund.
We have commenced a major review of the PrimeSpace website. The new website will have significantly updated information and be a source for investors for things such as unit prices, reports, offer documents, and continuous disclosure documents regarding the operation of the Fund. We will let you know when the new website is finished.
Since 1 July 2010 we have welcomed 26 new investors into the fund, taking the total number of investors in the Prime Access family to 218. These 27 new investors committed $4.2 million, taking the total invested equity of the Fund to $35.1 million. Total ordinary units on issue at 31 March 2011 are approximately 47.9 million.
A revised compliance plan dated March 2011 for the Prime Access Property Fund has been lodged with ASIC and replaces the plan dated August 2008.
The Development Application (DA) for a residential apartment complex on the Marque Hotel site was lodged in early February and we have received confirmation from ACTPLA that the DA has passed the completeness check stage and will now proceed to the next stage. The residential development market has been very strong in 2011 with a number of developments selling off the plan in a very short period of time. The fundamentals of the market continue to be strong with a tight vacancy rate and constrained supply thanks to restricted credit markets and planning delays. The ACT Governments proposed changes to the manner in which lease variations are approved and the associated costs will cause further delay to projects. Fortunately our project has been assessed and the change of use charge negotiated.
A significant risk to the timing of the project could follow from the Commonwealth Government delivering a tough budget in May. A tough budget may soften investor confidence and therefore delay presales of the planned residential apartments. However the site is extremely well located and we would anticipate a strong take-up in an improving market. In the event the development was delayed we would attempt to negotiate a lease extension with the existing tenant and if we were unsuccessful we would negotiate a management contract with a local operator to manage the Hotel on our behalf.
We propose to mitigate further development risk in the project by preselling the apartments and negotiating an appropriate building contract with a guaranteed maximum price. At this point there will be further development equity/finance required and ordinary unit holders will be provided with the opportunity to further invest on a pro rata basis.
A distribution of 1.075 cents per unit was paid to investors in the Prime Access Property Fund for the period ending 31 December 2010
The audited financial statements for the period ending 31 December 2010 are available for investors. Please contact PrimeSpace should you require a copy.
We are pleased to advise that the loan facilities that were under review for the Marque Hotel and the Summer Centre, Orange were renewed by the Commonwealth Bank in January 2011. The next annual review date for these facilities are 30 September 2011. The debt facility for Canberra House is also due for review on 30 September 2011.
The board of PrimeSpace is pleased to advise that Mr Paul Kane has been appointed as an independent non-executive director of the company. Paul has an extensive background in the banking industry most recently as the Regional Leader for Corporate & Business banking for St George Bank in the ACT, a position he held for 13 years until leaving the bank in late 2010. Paul is a highly credible Canberra business leader who is well respected by the property/construction industry, business and banking circles. Paul is a member of the investment committee.
We have received a final assessment on the change of use charge for Canberra House following the approval to vary the lease purpose clause to remove the gross floor area restriction and include a residential use on title. The final assessment provides us with the opportunity to increase the floor area on the site from 14,000 sqm to approximately 50,000 sqm including residential. This variation will provide flexibility and will generate significant value in the future. Following payment of the change of use charge, we will be in a better position to advance the master plan of the site.
We are pleased to advise that the Development Applications for the refurbishment of the shopping centre and the construction of the Quest Apartments have been approved. We are now in a position to commence planning for the construction phase. The relocation of the Chinese restaurant is the only other approval we are waiting on and that is due to be approved by the end of April.
With the DA approvals now in place we are assessing the long term plans for the property, which upon completion of the development, may include divestment of either the Shopping Centre or Quest Apartments, or both.
The Quest Apartments have been designed to enable strata titling and provide the opportunity to sell down the complex on an apartment by apartment basis.