DomaCom has finalised its first venture into agricultural assets with a deal that gives 90 retail investors a stake in a property in Victoria’s prime Western District pastoral land.
The 150-hectare property, ‘Doyles’, outside Casterton near the South Australian border, is in the heart of prime beef and sheep region.
Prior to entering into a contract to purchase the property, the fund was successful in securing a strong local operator as the tenant. The tenant will use the property to run beef cattle.
“The identification of good operators to work with in the leasing of the property was key to the transaction. We are striving to deliver a packaged opportunity to investors to enable them to invest into the rural sector through our platform,” DomaCom’s head of property Jason Bennett said.
DomaCom CEO Arthur Naoumidis said the group is “enormously proud” to sign off on its first agriculture crowdfunding project.
“It’s our understanding that this is the first crowdfunding project for agriculture assets anywhere in the world. We knew from the Kidman bid that there was a thirst by mum and dad investors to acquire agriculture assets, and we have been looking at other properties for quite some time,” Mr Naoumidis said.
“People are motivated by a desire to keep prime rural land in Australian hands, as well as the opportunity for steady yield and capital gain. We have already more investors on our books looking to invest in this asset class, so we are confident that the Doyles deal is just the first of many.”
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all