News and Announcements
OpenCorp Raises $11.4m for Greenvale 2 Fund
- Published October 06, 2016 1:34PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
5th October 2016, Sydney Morning Herald By Simon Johanson
Self managed super funds are growing their investments in crowd-funded and syndicated development projects, developer OpenCorp says.
The boutique greenfield and apartment developer has successfully raised $11.4 million to fund a second housing estate in Greenvale, one of Melbourne’s newest northern suburbs.
Land for the Somerton Road project had been pre-purchased and subdivision works were expected to begin mid 2017 once plans were approved by the local council.
The 168-lot subdivision is near a previous OpenCorp land development called Umbra which generated about 110 per cent in total returns and a 41 per cent internal rate of return for investors, OpenCorp director Allister Lewison said.
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