Sorry I haven't got time to read the full prospectus mate but one thing that leaps out at me, (apart from the fact that its managed by Augusta), is the high gearing (47% is high for commercial property) and the fact that the initial debt facility is only for three years. They will have done this to get the cheapest interest rate and put the maximum gloss on the deal. What will interest rates be in 3 years and how will that affect you net return in the future ? That and the way Augusta manage this are your two key medium term risks from a very brief look. Long term its not exactly a vanilla style commercial building so what happens if Telecom vacate after their 10 year lease and they can't re-tenant the building ? Will that unusual styled building be in demand in 10 years ?