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Property Fox 1 AGM

Discussion in 'Real Estate' started by Mark Laszczuk, 3rd Nov, 2005.

  1. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    16th Aug, 2005
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    Location:
    Brisbane
    Hey everyone,

    I have a client who is going to be attending the Property Fox 1 AGM at the end of the month here in Brisbane and they were wondering if anyone else from here would be attending.

    If you are and would like to have the opportunity to meet with another Navra client who also has an interest in Property Fox 1, then send me a private message or email me at mark.laszczuk@navra.com.au and I will forward your details to the person.

    Mark
     
  2. Ol School Skata

    Ol School Skata Well-Known Member

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    7th Nov, 2005
    Posts:
    71
    so how did this go - how has this investment performed since inception?

    OSS
     
  3. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Location:
    Brisbane
    I dunno OSS. I didn't actually go. A client asked me to post a notice up here to see if anyone else from the forum was going and put them in contact with the client.

    Mark
     
  4. Ol School Skata

    Ol School Skata Well-Known Member

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    i remember receiving some of this information some time ago and was curious to see how things have turned out after one year.

    Mark, if you hear back from your client, with their permission can you post more info on this when it comes to hand.

    OSS
     
  5. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Location:
    Brisbane
    Be happy to, as long as I don't step on any toes over at Spann HQ by doing so. Don't want to be divulging information on a public forum they don't want made public.

    Mark
     
  6. redrover

    redrover Well-Known Member

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    From "client"

    AGM is on Monday 28 Nov at Eagle Pier. The investment quite frankly has been abysmal. The original parameters were to buy older style units, refurb., strata and on sell. First year was OK with a dividend paid, but for the last couple of years - nothing. One recent purchase of a four unit block in Brisbane resulted in a loss when on-sold. A couple of other unit blocks in Fairfield in Sydney are still on the books, some units sold, some rented, etc. After the first year I think the next AGM voted to widen the scope of investing. I dont think this has resulted in any subsequent purchases realising a profit and now "land banking" is talked about. All in all this investment has not performed the way most people had hoped and the timeframe is extending too far into the future. Read "downturn in the market"!! :confused:

    Problem is if you want to get your money out, you cannot at the moment although I believe there will be some discussion on listing on the Newcastle Stock Exchange!?!?!? to give liquidity to those investors who want out!

    As with all these things management fees seem to eat up a lot of investors dollars/equity etc. :mad:

    Will post on outcome.
     
  7. Ol School Skata

    Ol School Skata Well-Known Member

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    Posts:
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    Redrover,

    Thank you for the input. I am sorry to hear about your woes with this investment. Sounds like it will be a heated AGM.

    You hit the nail on the head with not being able to get your money out if needed. This was what detered me from investing as well as not sufficient experience in investing in a managed syndicate like that.

    I wasnt't aware Newcastle had a stock exchange!!?!!

    Pity management fees are not tied more strictly to performance.

    Please keep us informed on the AGM and direction to come.

    OSS
     
  8. Nigel Ward

    Nigel Ward Team InvestEd

    Joined:
    10th Jun, 2005
    Posts:
    1,172
    Absolutely, the lack of liquidity in most unlisted property trusts crosses them off my agenda.

    Hope you manage to rake some chestnuts out of the fire red.

    Cheers
    N.