This is an Invitation to apply for Units in the McDowell Trust (Trust), which intends to acquire the Property located at 111-121 McDowell Street, Welshpool, Western Australia, develop the Property to its highest and best use, and then look to sell the Property for a profit to be distributed to the Unitholders.

Investment Highlights
· 3.8 hectares of well-located land in Perth’s primary industrial precinct of Welshpool, WA;
· Excellent access to Orrong and Welshpool Roads, as well as Leach, Roe and Tonkin Highways;
· 18 month lease to Hitachi, providing stable income whilst planning the development;
· Proposal to develop a new warehouse/distribution centre to maximise the Property’s value;
· 2.7 year investment term targeted;
· 15% Internal Rate of Return per annum targeted;
· Development is intended following securing a pre-commitment to lease;
· Non-recourse debt, up to 55% of the Property’s ‘on completion’ valuation;
· Lester Group will invest a minimum of $1 million;
· Simple unit trust structure suitable for qualifying superannuation funds;
· This Invitation is to Sophisticated Investors and Professional Investors only.