Interprac joins DomaCom’s Kidman Station venture
Dealer group Interprac will offer financial advice to investors interested in DomaCom's Kidman Station crowdfunding proposal, with a number of other AFSLs interested in joining the venture.
"Right now, we have Interprac – the other AFSLs have not confirmed their involvement yet," a DomaCom spokesperson told ifa.
"Having said that, any AFSL who has us on the APL can participate and is actively encouraged to do so."
Interprac will provide financial planning services, either as a full service or as general advice, the spokesperson said.
"In the case of general advice, the adviser is simply providing advice on the DomaCom Fund as an investment vehicle or structure, not on the underlying asset which in this case is Kidman Station. They are providing comprehensive advice," the spokesperson said.
Interprac will provide general advice for a flat fee of $200.
"Whilst that doesn't sound like a particularly lucrative deal, the advisers are getting access to new investors so there are future opportunities for cross-selling or providing more comprehensive advice, obtaining family and friend referrals," the spokesperson said.
DomaCom chief executive Arthur Naoumidis said the ASIC-registered DomaCom platform provided the "ideal vehicle" for giving mum and dad investors the chance to invest in the Kidman estate.
"Crowd-funding hasn't traditionally been associated with pastoral properties, but that's no reason why it can't be done. The platform is structured to cater for the smallest apartments to a deal of the Kidman magnitude," he said.
"The principle is the same, and people can get on board the Kidman acquisition for as little as $2,500 and receive a proportional share of the income and capital value of the property that will be valued annually."
Last week, the proposal attracted in excess of 100 new parties interested in investing in the Kidman campaign and that number is "literally growing by the minute", the spokesperson said.
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