Former Warrington Property founding director Chris Weaver has launched the first fund under his new venture, Burtonwood Investment Partners.
Former Warrington Property founding director Chris Weaver has launched the first fund under his new venture, Burtonwood Investment Partners.
Mr Weaver founded Burtonwood Investment Partners with Christian McKelvey last year, aiming to create a national property investment platform targeting opportunities in Western Australia as well as on the east coast.
Mr Weaver's previous business, Warrington Property, was renamed Blackoak Capital last year, after Mr Weaver and then business partner, David Zimmerman, decided to part ways.
Warrington Property had made its mark in the local property scene in recent years with some standout deals, including selling 66 Kings Park Road to Primewest for $33.1 million in 2020 - almost double what it had paid for the West Perth building in 2017.
That was after investing $6.5 million into refreshing the asset, resulting in its office occupancy lifting from 20 per cent at purchase to 100 per cent post-refurbishment.
Mr Weaver’s new business partner, Mr McKelvey, is based in Sydney and was the former head of Grant Samuel Property and previously global head of Pepper Property.
Burtonwood's first fund will focus on convenience property assets in NSW, raising $20 million initially and forecasting income returns of circa 10 per cent per annum.
“I had been swimming against the tide trying to provide our west coast investors access to high quality east coast investment opportunities,” Mr Weaver said.
“So we quickly realised there was a significant competitive advantage in Christian and I residing on different sides of the country and leveraging our respective relationships.
“Further, COVID-19 has virtually paused investment managers with geographic concentration in one city being able to efficiently access cross border opportunities, so our timing was opportune in that regard.”
The first fund will target tenant pre-commitments, largely fast food operators, oil companies and convenience retailers, before sites are developed, with Burtonwood partnering with local developers.
“By partnering with high quality and respected developers in specialist sectors that are known to Chris and myself, Burtonwood will be able to access off market investment opportunities via a ‘develop and hold’ model,” Mr McKelvey said.
Mr Weaver said the NSW convenience property fund was the first of a series of funds and projects to be announced in 2021.
Burtonwood has also formed a joint-venture with Saracen Properties for a standalone development opportunity in WA, which Mr Weaver said incorporated a proposed supermarket, childcare facility and residential housing lots, with an estimated project value of $65 million.
Mr Weaver said the group was also in discussions with a WA industrial property developer and is also exploring opportunities in specialist housing for people living with disability.
Burtonwood has recently added another member to its Sydney-based team, recruiting corporate property executive Kale Maver, who was previously with Emerge Capital and Pepper Property.
