Income today, development optionality tomorrow.
The Fund is acquiring a 100% freehold interest in a modern three-level office building of 5,813 sqm*, 100% leased to six major tenants, with more than half of income from Government and not-for-profit organisations. Current net passing income is $2,790,992 per annum* against a purchase price of $30,250,000.
The building sits on a 7,246 sqm* Commercial 1 landholding with dual street frontages, 300 metres* from Blackburn Station and the South Parade retail strip, and carries an approved planning permit for 168 apartments on the rear land. The site forms part of the Victorian Government's Activity Centre program.
Modern. Fully leased. Development upside.
Prime modern building
A modern three-level office building of 5,813 sqm*.
Fully leased investment
100% leased to blue-chip tenants at acquisition.
Blue-chip tenants
Over 50% leased to Government and not-for-profit organisations.
Strong income
Current net passing income of $2,790,992 per annum*.
Prime land holding
A significant CZ1 landholding of 7,246 sqm* with dual street frontages.
Development potential
Approved planning permit for 168 apartments on the rear land.
Close to public transport
300m* from Blackburn Station and the South Parade retail strip.
Future upside potential
Part of the Victorian Government's Activity Centre program.
* Approximate only. Refer to the Information Memorandum and its appendices for full details.
The property at a glance
| Address | 1 Chapel St, Blackburn VIC |
| Purchase price | $30,250,000 |
| Land area | 7,246 sqm* |
| Lettable area | 5,813 sqm* |
| Zoning | Commercial Zone 1 |
| Car parking | 217 bays |
| Tenants | 6 major tenants, 100% occupancy |
| WALE | 3.4 years |
| Current net income | $2,790,992 per annum* |
| Settlement date | 15 December 2026 |
Six major tenants, 100% occupancy
| Office | $2,508,584 p.a |
| Retail | $5,000 p.a |
| Storage | $10,916 p.a |
| Car parking | $417,795 p.a |
| Outgoings recoveries | $634,547 p.a |
| Gross passing income | $3,576,842 p.a |
| Less outgoings | ($785,850) p.a |
| Net passing income | $2,790,992 p.a |
Income summary per the IM appendices, budget year ending 30 June 2026. Seven vacant car bays are held at nil income.
How the investment is held
Offered as a sub-class of the Pinnacle Diversified Property Fund, a master unit trust holding each property in a separate sub-trust.
ACN 649 965 908, AFSL 531934. Also the issuer of this offer.
Acquisition, asset management, leasing and fund administration are held in-house.
Non-recourse facility from a major Australian bank, being approximately 50% of the acquisition price.
Offer terms
| Eligibility | Wholesale investors only (s708 / s761G) |
| Unit price | $1.00 |
| Minimum investment | AU $500,000 |
| Target raise | AU $20,000,000 |
| Debt facility | $15m from a major Australian bank |
| Distributions | Every 3 months |
| Term | 5 years (lock-up period) |
| Exit | Sale or refinance at year 5; unitholder vote to extend |
| Liquidity | Illiquid; units transferable subject to Trustee approval |
Indicative timetable
What could go wrong
An investment in the Fund carries risk, and the value of units and the income from them can fall as well as rise. The risks below are not exhaustive — the Information Memorandum sets out the full risk disclosure, which prospective investors should read in its entirety before applying.
Illiquidity
Investments cannot be withdrawn before the minimum term ends. Units are transferable to a willing purchaser only, subject to Trustee approval and any early withdrawal fee.
Gearing and interest rates
The Fund borrows approximately $15m at an LVR of 50 – 55%. Gearing magnifies both gains and losses, and movements in interest rates or a refinance on less favourable terms will affect distributions.
Tenant and vacancy risk
Income depends on tenants meeting their obligations and renewing. A WALE of 3.4 years means lease expiries fall within the term; vacancy, incentives, downtime or re-letting costs would reduce income.
Development and planning
The permit for 168 apartments may not be acted on, and any development or planning outcome, including Activity Centre reforms, may change or not proceed. No development profit is assumed in the forecast returns.
Valuation and market
Property values move with market conditions, capitalisation rates and comparable evidence. Exit value is the cap rate applied to that year's net operating income, with no terminal growth assumed.
Distributions not guaranteed
Target distributions and IRR are forecasts based on stated assumptions. They are not guaranteed, and past performance is not an indicator of future performance.
Term extension
If market conditions are unfavourable at year 5, the Investment Manager may extend the term by a year, after which a disposal or retention decision requires a 75% unitholder special resolution.
Tax and foreign investors
Tax outcomes depend on individual circumstances. A Victorian land tax surcharge of 4% applies to foreign investors, and unit transfers after settlement attract transfer duty payable by the transferee.
Target returns are forecasts based on the assumptions below and are not guaranteed. Actual returns will differ, and the forecasts should not be relied on as a prediction of performance.
Comparable sales in the corridor
| Property | Sale date | Price | $/sqm | Yield |
|---|---|---|---|---|
| 99 Railway Road, Blackburn | Nov 2025 | $54.35m | $6,900 | 6.50% |
| 436 Elgar Road, Box Hill | Mar 2023 | $40.30m | $6,660 | 5.90% |
| 26–28 Prospect Street, Box Hill | Jul 2021 | $17.16m | $5,666 | 6.91% |
| 19–23 Prospect Street, Box Hill | Mar 2019 | $22.00m | $5,100 | 6.20% |
Source: Australian Financial Review, as reproduced in the Information Memorandum.
Register your interest to receive the information memorandum.
The offer closes 30 September 2026. Registering does not constitute an application for units.
This page has been prepared and issued by Trident Capital Group Pty Ltd ACN 649 965 908 AFSL 531934 (TCG) directly to wholesale clients and is strictly for information and discussion purposes only. It must not be copied, distributed or disclosed to other persons without the prior written consent of TCG, which may be given or withheld in its absolute discretion.
An investment in this opportunity will be facilitated via an investment in the Pinnacle Diversified Property Fund by way of a sub-class. All prospective investors should carefully consider the contents of the Information Memorandum and the Supplementary Information Memorandum of the Fund in full, and seek any necessary professional advice, prior to making any decision regarding an investment in the Fund. Information relating to the Fund on this page may differ from information contained in the Information Memorandum.
The information on this page has been prepared without taking into account the objectives, circumstances, financial situation or needs of any person. No reliance may be placed on it for any purpose. It does not constitute an invitation or offer to subscribe for or buy any financial product, or a solicitation to engage in or refrain from engaging in any transaction or legal act, and in no circumstances is it to be used by, or presented to, a person for the purpose of making a decision about a financial product, class of products or transaction.
Nothing on this page shall be construed as a commitment by TCG or any of its affiliates to enter into any transaction or agreement of any kind. Except as required by law and only to the extent so required, neither TCG nor its affiliates warrant or guarantee, expressly or implicitly, the accuracy, validity, timeliness, merchantability or completeness of any information or data for any particular purpose or use, or that the information will be free from error.
TCG and its affiliates expressly disclaim any responsibility and shall not be liable for any loss, damage, claim, liability, proceeding, cost or expense arising directly or indirectly, and whether in tort (including negligence), contract, equity or otherwise, out of or in connection with the use of this information. * Approximate only. Figures are drawn from the Information Memorandum dated 28 July 2026.