Aspen Developments seeks to leverage the expertise and skills of its management to create and/or acquire development opportunities which can be packaged and syndicated under the Aspen funds management model.
Aspen Developments business methodology is to deliver superior return at an acceptable level of risk by adhering to its core principals as follows:
Securing revenue streams from pre-committed sales and lease income;
Obtaining a thorough understanding of market risks;
Engaging in strategic alliances with leading stakeholders in each project; and
Delivering major project inputs through fixed price construction contracts.
Aspen Development Fund No1 (ADF No1) is the first in a planned series of development style syndicated funds.
ADF No1 was created following the acquisition of the Caversham Properties portfolio and subsequently syndicated to institutional investors. The initial asset value of $234 million comprised holdings located in metropolitan Perth, regional Western Australia, Adelaide and Sydney, and diversified across residential, commercial and retirement living sectors.
Residential
The residential land bank of ADF No1 includes active residential land sub-divisions at Byford, in south east metropolitan Perth, together with rural residential holdings in Chittering and Geraldton, totaling 1,800 hectares and a land bank of 150 hectares in Upper Swan for future development.
Commercial
The Adelaide City Central development comprises an entire city block redevelopment in the Adelaide CBD which includes at least eight inter-related office, retail, hotel and residential projects. The $800 million project has adopted a focus on environmentally sustainable outcomes, with the initial stage Tower 1 completed in 2007 representing Australia’s largest five-star rated green building.
Tower 2, or Ernst & young Building as it is to be known, has now reached Practical Completion and some of the country’s premier private sector organisations will be taking up more than two thirds of the available space, including the ground floor. Negotiations are underway to take out the balance.
The Electra House Entertainment Facility and Tower 8 on Franklin Street are planned to commence construction during 2008. These projects will consolidate the development momentum in the Precinct and create further exciting commercial and hospitality opportunities for purchasers, tenants and visitors alike.
For more information on the Precinct development please click on the link to the Adelaide City Central website below.
www.adelaidecitycentral.com.au
Medical
Aspen Developments completed development of the 50 bed Campbelltown Private Hospital during 2007, meeting the delivery and cost budgets for one of the country’s leading operators, Healthscope Limited.
With the success of that project, Aspen Developments has secured a site in Norwest Business Park in Sydney to provide a 169 bed facility for Healthscope which includes 10 operating theatres and 8,000sqm of specialist suites. The Norwest Private Hospital commenced construction in the last quarter of 2007 with completion and opening of the hospital due for late 2009.
For more information on the Norwest Private Hospital please click on the website link below.
www.norwestprivatehospital.com.au
Retirement
Aspen Developments has continued to build upon its track record established over the last eight years in the development of retirement communities specifically for the not-for-profit sector, with the completion in 2007 of the $100 million Macarthur Retirement Village for Illawarra Retirement Trust in Campbelltown NSW.
Aspen Development Fund No1 Limited secured development approval in February 2008 for commencement of works on a prestigious new community at Currambine in Perth’s northern suburbs on behalf of Southern Cross Care (WA). The six hectare site will feature over 235 living units in a mixture of single level residential homes, terraced villas and spacious apartments. The community will feature state of the art community facilities including a gym, bar, dining facilities, library, workshops, pool and spa set in secure landscape surrounds.
