Maat Property Group Ltd has closed its equity investment offer for the new Nido Furniture & Furnishings Ltd store at Henderson after raising $30 million in $50,000 parcels.
Construction has started on the 27,000m2 retail furniture superstore, being built on a 3.1ha site at 158 Central Park Drive, and it’s on schedule to open by November. Nido will specialise in flatpack panel furniture in custom sizes, mostly European brands, and will offer an installation service.
The Nido store, developed by longtime Henderson Mitre 10 owner Vinod Kumar, will have an initial lease term of 15 years, plus 2 10-year rights of renewal.
Mr Kumar spent 9 years planning the $60 million store before starting construction late last year. He sold his framing business in 2017 and sold the Mitre 10 business on Lincoln Rd last year, after owning it for 28 years.
Maat specialises in commercial property equity investments, in this case investment in the purchase of land & construction of the store through a joint venture with the developer. The investment is in shares in Central Park Property Investment Ltd. The projected return is 8.5%/year pre-tax paid monthly.
Maat managing director Neil Tuffin said Central Park Property Investment would be registered under the PIE tax regime.
Mr Tuffin launched Maat 9 years ago and has built up a $340 million portfolio of 14 buildings under management.
Attribution: Maat product disclosure statement, Neil Tuffin.