Industrial
The Royal Oak Industrial Trust 52
Fully SubscribedA closed-ended, single-asset, unlisted unit trust holding freehold industrial property at 52 Hope Valley Road, Naval Base WA — 100% leased to Alltype Engineering Pty Ltd, a subsidiary of ASX-listed WestStar Industrial Ltd (ASX: WSI), with an investment thesis anchored to AUKUS defence investment and the Henderson-precinct build-out.
Fund overview
The Royal Oak Industrial Trust 52 holds a prime freehold industrial facility at 52 Hope Valley Road, Naval Base — in the heart of Western Australia's Henderson maritime and defence precinct.
The asset is 100% leased to Alltype Engineering Pty Ltd, a subsidiary of the ASX-listed WestStar Industrial Ltd (ASX: WSI), providing a listed-parent covenant behind the income. The offer opened on 11 December 2025 and was fully subscribed; the trust runs to a defined five-year term from settlement, with capital planned to be returned through the sale of the asset.
Strategy & thesis
Naval Base and Henderson sit at the intersection of two structural forces: AUKUS-driven defence investment in Western Australia's shipbuilding and sustainment precinct, and the resource sector's sustained demand for engineering capacity. Industrial land in the precinct is tightly held and difficult to replicate.
The value-add strategy was executed at settlement: a strategic lease renewal was completed, extending tenure to enhance WALE and capital value — converting the acquisition thesis into contracted income from day one.
The asset in pictures
The asset
- Asset
- 52 Hope Valley Road, Naval Base WA 6165
- Title
- Freehold industrial
- Occupancy
- 100% leased
- Tenant
- Alltype Engineering Pty Ltd — subsidiary of WestStar Industrial Ltd (ASX: WSI)
- Value-add
- Strategic lease renewal completed at settlement, enhancing WALE and capital value
- Precinct
- Henderson maritime and defence precinct — AUKUS thesis
Term & structure
- Structure
- Closed-ended, single-asset, unlisted wholesale unit trust, offered by Information Memorandum
- Term
- Defined 5-year term from settlement
- Offer opened
- 11 December 2025 — fully subscribed
- Equity raised
- $9.2 million
- Liquidity
- Illiquid for the fund term; capital planned to be returned via sale of the asset
- Minimum investment
- $250,000 AUD
- Eligibility
- Wholesale, sophisticated and professional investors only
Returns
Industrial
Target10–12% p.a.
Target total IRR
Net of fees, over the five-year term.
Industrial
Target~6.5% p.a. net Year 1, averaging ~7.25% p.a. net
Target cash distribution
Net of fees.
Industrial
Unrealised — NAV-based~22%, up since inception
Movement on NAV since inception
Unrealised revaluation movement following the strategic lease renewal completed at settlement, based on an independent valuation by JLL dated 6 November 2025. Not an annual or periodic rate.
Royal Oak Asset Management Pty Ltd (CAR No. 1297058) and Alex Gismondi (AR No. 1297050) are authorised representatives of Wholesale Securities Pty Ltd (ABN 89 601 790 470, AFSL No. 466877).