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Modbury Strategic Retail Trust

ICAM acquired a 100% freehold interest in 933-945 North East Road, Modbury in June 2021 933-945 North East Road, Modbury (“Bunnings Modbury”) is fully leased to Bunnings Group Ltd, a wholly owned subsidiary of ASX-20 conglomerate, Wesfarmers Ltd. Bunnings Modbury occupies a prominent position on the intersection of North East and Wright Roads and sits within an intensely developed commercial and retail precinct, with the immediate locality comprising Modbury Triangle Shopping Centre and the Westfield Tea Tree Plaza, South Australia’s largest regional shopping centre by area. This site represents a rare land holding given the lack of similar parcels suitable for large format or industrial development within the immediate catchment area. Investment highlights Located in a tightly-held retail hub in Adelaide’s north-eastern suburbs, only 500m from Westfield Tea Tree Plaza Strong suburban catchment with higher-than-average disposable income Bunnings viewed as a “COVID-proof” investment, highly sought after by investors Prominent frontage on North East Road, one of Adelaide’s major road arteries offering excellent car and truck access 14,840 sqm freehold plot, comprising an 8,055 sqm Bunnings Warehouse with 87 at-grade and 203 undercroft parking places Strong demand for large format retail tenancies in the area (supporting a reconfiguration to large format retail in the event that Bunnings does not renew in 2025) Stable long-term income stream with average distributions of 6.5% p.a