Crowdfunding property developer OpenCorp acquires second Greenvale site

Crowdfunding property developer OpenCorp acquires second Greenvale site
Crowdfunding property developer OpenCorp acquires second Greenvale site

Melbourne-based property group and fund manager OpenCorp has acquired new sites to host its latest crowdfunded house and land developments.

Located in Greenvale, 20 kilometres north of the Melbourne CBD, the 168-lot subdivision site is positioned close to the company’s sold out Umbra development. It will be the 23rd project OpenCorp has funded through a property development fund.

Currently under construction, Umbra already is projecting good returns for investors. OpenCorp is currently anticipating a total return of 110% against the forecast of 58%. Its 41% internal rate of return sits against the forecast of 30%.

Like Umbra, investors in the Greenvale development would subscribe to an OpenCorp managed property development fund to participate as equity partners in the new $46 million project.

Based on the success of Umbra, 70% of the $11.4 million of the equity being raised for the development has been committed by one major Melbourne investor.

“They participated in the first Greenvale development and were eager to invest in the subsequent similar development,” says OpenCorp director Allister Lewison (pictured above centre).

OpenCorp have also closed its capital raising offer with the $3.5 million fund being considerably over-subscribed.

The new development fund is forecast to provide investors a total return of over 54%, or an internal rate of return close to 23%.

“Our development funds provide a great way for family offices, high net worth clients and retail investors to invest in developments when they don’t have the time, money or skills to do so themselves,” Lewison says.

“Our 10 year track record combined with average returns of over 20% per annum are proving very popular with small and large investors, given the returns from other asset classes.”

The new Greenvale development is expected to attract first homebuyers seeking a site to build a family home at an affordable price point in anticipation of the City of Hume’s continued rapid growth.

“The Melbourne market continues to remain very robust for quality developments in the right catchments,” Lewison says.

“The sub markets in which we operate are very much focused on strong demand and supply fundamentals.”

Greenvale is located a 30 minute drive from the Melbourne CBD and 10 minutes from Tullamarine Airport. 

Tags: 
Victoria House And Land OpenCorp Greenvale

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