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The Westlawn Property Trust (ARSN 095 611 804) is an open-ended, unlisted property trust aiming to provide stable, tax efficient, monthly distributions from a growing commercial property portfolio. The Trust was established in 1994 with 13 investors and converted to a public trust in 2001. Today the Trust has in excess of 900 investors.
The Trust provides the opportunity for investors to gain exposure to high quality commercial property that may otherwise be out of reach of many investors. Through the pooling of investors funds, the trust purchases direct real property assets. Then, using the skills and expertise within the Manager (Clarence Property), those assets are leased to quality tenants who in turn provide regular rental cashflow back to the trust. The net rent is then paid (distributed) to our investors each month. Over time investors, principally as a result of the Manager's prudent asset selection and sound property management, could expect the value of their investment in the trust to grow. To read further information about the Trust and see a summary of the historical returns delivered to investors please click here >> |
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The Trust is currently closed to new applications, however if you are interested in buying units in the trust we occasionally have existing unit holders who are looking to sell their units. Please contact us on 02 6686 4122,
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, or message us directly. |
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If you are interested in receiving a copy of any new capital raising, please contact us on 02 6686 4122,
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
, or message us directly. |
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More information about the Westlawn Property Trust can be found on our website. Alternatively if you have questions or would like to speak to someone about the Trust, please contact us in person. For our contact details please click here >> |
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There is no minimum investment. |
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Yes, successful applicants will be notified in writing of the number of units allotted or transferred to them within 14 days of the allotment/transfer. |
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You will not pay any entry or exit fees. If you invest through a financial adviser the Manager may pay a commission from its own fees to the adviser. Your adviser must disclose this to you. |
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The current unit price can be found on the home page of the website. |
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Distributions to unit holders are made on a monthly basis in arrears. The record date is the last business day of the month for which the distrubution is payable. Payment is by Electronic Funds Transfer (EFT) to your nominated bank account or reinvested in additonal units on or around the 12th of the month following. To download a distribution reinvestment form please click here |
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Distribution payments can be made by Electronic Funds Transfer (EFT) to any Australian financial institution account.
Alternatively, you may choose to reinvest your distribution payments to acquire further units in the Trust. You can join or withdraw from the DRPat any time by providing the Manager with written notice before 5pm on the record date. To download the distribution reinvestment form please click here >> |
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Yes, you may choose to reinvest your distribution payments to acquire further units in the Trust. The current reinvestment price applicable to the reinvestment plan is $0.75 per unit.
You can join or withdraw from the DRPat any time by providing the Manager with written notice before 5pm on the record date. To download the distribution reinvestment form please click here >> |
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The distributions are forecast to be about 85% tax deferred for the year ending 30 June 2010. It is important to note that past performance is not an indication of future performance. Future returns may be affected by a range of factors including economic and market influences. The Manager does not provide taxation or financial planning advice and therefore we strongly recommend you seek independent advice in relation to your personal situation. |
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Tax Sheltered income may comprise a tax free and a tax deferred component. Tax free income may result from certain building allowances or returns of capital, and is not included in a Unit Holder's assessable income.
Tax deferred income arises from favourable tax timing differences including building allowances, depreciation allowances and the write-off over five years of the Trust’s equity raising costs. Tax deferred income is not ordinarily included in a Unit Holder’s assessable income. However, it may give rise to a capital gain to the extent that the total tax deferred Distributions during the period of ownership of a Unit exceeds the capital gains tax (‘CGT’) cost base of the Unit. When and if this occurs, the excess will give rise to a taxable capital gain to the Unit Holder. The amount of any capital gain is taxable to the Unit Holder subject to any CGT discount. This also means that once the CGT cost base of the Units is reduced to nil all future tax deferred Distributions will also give rise to taxable capital gains. In addition, where tax deferred Distributions reduce the cost base of a Unit any subsequent capital gain on the sale of that Unit will be calculated by reference to the reduced cost base of the Unit and not the original cost.
The Manager does not provide taxation or financial planning advice and therefore we strongly recommend you seek independent advice in relation to your personal situation. |
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Yes, Clarence Property issues tax statements as soon as the audit of the trust is completed. We endeavour to release tax statements by the end of September each year. You should not lodge your tax return until the statement is received. |
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The Trust is an illiquid investment as defined by the Corporations Act and should be considered as a long term investment. The Constitution of the Trust allows the Manager to make limited withdrawal offers to investors from time to time as it sees fit. The last (and olnly) such offer was made in September 2008. The Manager does not anticipate making another such offer in the immediate future.
Although there is no formal secondary market for units, units are transferrable, provided the unit holder is able to locate a buyer for their units. |
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A copy of the Trust's latest Annual Report can be downloaded from the website. To download a copy please click here >>
Alternatively a paper copy can be requested from the Manager. |
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You can download a change of details form from the Investor Forms page. Please print it out, and send the original signed form to:
Clarence Property Corporation
PO Box 1478
Ballina NSW 2478
To view our forms page please click here >> |
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The Westlawn Property Trust is subject to the normal market, economic, regulatory and natural risks faced by most companies/trusts. Further information on the risks specific to the trust will be published in any PDS it issues. It is recommended that you consult your financial or professional adviser before making any investment decision. |
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Yes. The Manager’s maximum level of gearing is 70% of the value of the assets held in the Trust. Specific details about the borrowings of the Trust can be found in the Fund Update which deals with the disclosures required under ASIC Regulatory Guide 46 - Unlisted property schemes – improving disclosure for retail investors.
To download the latest copy please click here >> |
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No. There is no recourse back to investors for borrowings within the Trust. |
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The constitution is a legally binding agreement between the Manager and Unit Holders. A copy of the Constitution can be viewed at the Manager's offices (see contact us for details).
The Constitution contains provisions dealing with the powers of the Manager as responsible entity of the Trust and the rights and interests of Unit Holders, which include the rights to receive distributions, attend meetings, register complaints and participate in a winding up. The Constitution also contains provisions seeking to limit the liability of Unit Holders to any amounts unpaid on Units belonging to that Unit Holder, however the effect of these provisions has not been finally determined by the courts.
In addition, the Constitution deals with a variety of general matters, including:
the issue of Units and options;
the creation and transfer of Units and options;
the valuation of the Trust assets; and
the duration of the Trust.
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Read more...
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Clarence Property has a compliance plan which has been lodged with ASIC. The compliance plan contains procedures for ensuring compliance with the Corporations Act and the Constitution of the Fund. A Compliance Committee is in place to, amongst other things, monitor Clarence Property's adherence to the compliance plan. |
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The function of the Compliance Committee is to:
(a) Monitor to what extent the Manager complies with the compliance plan and report its findings to the Directors at such times it consideres necessary or desirable or the Directors require;
(b) As soon as practicable report to the Board any breach of the Law involving the Scheme or a provision of the Constitution of which it becomes aware or that it suspects;
(c) As soon as practicable report to ASIC if the Compliance Committee is of the view that the manager has not taken or does not propose to take appropriate action to deal with any matter so reported;
(d) Assess annually (unless otherwise determined by the Compliance Committee) whether the compliance plan is adequate;
(e) Report on the adequacy of, and make recommendations to the Board about amendments to, the compliance plan at such times as it consideres necessary or desirable; and
(f) Do such other things as the Law requires.
In carrying out its functions, the Compliance Committee may commission independent legal, accounting or other professional advice or assistance, at the reasonable expense of the Scheme. |
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The role of the Trustee/Custodian is to hold, on behalf of Unit Holders, legal title to all properties and other assets owned by the Westlawn Property Trust. |
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The Manager or Responsible Entity of the Westlawn Property Trust is Clarence Property Corporation Limited. Clarence Property Corporation Limited is a property investment fund manager which commenced operations in 2001 and holds an Australian Financial Services Licence (no. 230212) granted by ASIC to act as the responsible entity to promote and manage Managed Investment Schemes.
The manager is responsible for the efficient management of the Trust. It's duties, responsibilities and powers are set out in the Constitution. The manager must always comply with the various requirements of the Corporations Act. The manager is required to act at all times in the best interests of Unit Holders.
In addition to supervising the management of the properties, the manager also arranges and manages:
- accounting and taxation records;
- income distributions;
- the preparation of reports to Unit Holders;
- the maintenance of all statutory registers; and
- the general business affairs of the Trust.
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Yes, Clarence Property takes all complaints seriously and as such we have a complaints procedure in place to ensure that every complaint received is handled in a timely & efficient manner. If you wish to make a formal complaint, you should do this in writing so that the nature of your complaint is clear & forward it to:
The Dispute Resolution Officer
PO Box 1478
Ballina NSW 2478 |
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A copy of the Clarence Property Internal Dispute Resolution Procedural Program can be downloaded from the website. To download a copy please click here >>
Alternatively a paper copy can be requested from the Manager. |
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If a unit holder is not satisfied with the response they receive from the manager then the unit holder may lodge a complaint with the Financial Ombudsman Service (FOS) at:
GPO Box 3
Melbourne VIC 3001
Phone: 1300 780 808
Website: www.fos.org.au
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