FRP Capital Brickworks Information Memorandum July 2023 - Flipbook - Page 16
Brickworks Marketplace
Information Memorandum
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Asset Management
Our active Asset Management, through strategic planning
and implementation, will maximise returns and assist with
long term security and potential capital growth.
REDUCE OPERATING EXPENSES
DEVELOPMENT POTENTIAL
ACTIVATION OF BRICKWORKS FACTORY/KILN SITE
SOLAR IMPLEMENTATION
There is potential for FRP to reduce the current outgoings
through retender and the use of the in-house property
management team. These savings will assist with increasing
the net income position.
Brickworks Marketplace is situated on a large 4.44Ha site,
which may provide additional development opportunities,
as follows:
The Manager is working with the Council of West Torrens
to explore possible activation of the Brickworks Factory
and Kiln site. Due to the old factory and kiln backing onto
the existing centre, any activation of this property will have
a positive impact via increased foot traffic and retail spend.
There is opportunity to maximise solar energy at the
centre, with most of the roof currently being under-utilised.
For clarity, the Brickworks Factory and Kiln is not part
of this Fund and any exploration into its activation will
not require any capital from the Fund.
—
Decreasing common area electricity spend
—
Reducing tenants' operating outgoings
—
Providing additional electricity profit
—
Corporate responsibility by reducing carbon footprint
—
Assist with potential energy production for EV chargers.
—
Salaries & Wages:
$205,000 (50% over PCA benchmarks)
Administration & Management:
$270,000 (11% over PCA Benchmarks)
Repairs & Maintenance:
$170,000 (15% over PCA Benchmarks)
—
There is a current Development Application lodged
with Council for an extension of the mall to allow for
a Discount Variety Store.
There is opportunity for development of the north-west
corner for a gym and childcare centre.
These will provide additional services for the community
that are not currently within the centre, and provide further
income growth.
The Manager will explore various development scenarios
that maximises returns and the overall value of the Asset.
PROTECTED CAPITAL EXPENDITURE
Due to the centre being constructed in 2015, there is
minimal capital expenditure required on the Asset. Future
capital expenditure will be concentrated in areas that will add
the most value and assist in retaining or attracting tenants.
The Manager will investigate this, with the vision
of benefiting the Fund by:
