Mortgage lender Bluestone has expanded its operations into the commercial property market. The group has launched its third Australian business unit, Bluestone Commercial, to cater for small business owners, self-employed sole traders and professional investors. It is funded by Barclays Bank.
"Our research suggests that the self-employed commercial sector is poorly served by traditional lenders," CEO Alistair Jeffery said. "Borrowers will be able to selfcertify their income and borrow from Bluestone to purchase or refinance commercial security, such as industrial, warehouse, retail shops and small offices." The products will be available through accredited mortgage and commercial brokers and accountants and financial planners.
Challenger plants seeds in Hunter
Challenger Financial Services Group has launched the first in a series of wholesale property funds. Challenger Strategic Property Partners 1 seeks to raise $75 million in equity and aims to build a $600 million to $700 million diversified portfolio of Australian property investments.
It has a seed investment in the 242-hectare Waterford County project in the Hunter Valley in New South Wales. The fund will work with geographic and sector delivery specialists, with a focus on residential and industrial land subdivisions, industrial development, rezoning, medium density and alternative residential development.
Centro lowers fees
Melbourne-based property investor Centro Properties Group has lowered its minimum investment and reduced its fees to attract selfmanaged super fund investors. The minimum entry level for its funds has been cut to $25,000 from $50,000 and up-front fees for its Direct Property Fund lowered to 1 per cent from 2.5 per cent. The Direct Property Fund International up-front fee has also been cut to 1 per cent, from 1.8 per cent.
"The recent changes will assist direct investors, particularly selfmanaged superannuation funds, to access the funds which now have a lower entry threshold and reduced costs," Centro general manager for institutional funds management Philippa Kelly said.
