Brian Sullivan is not in the business of “buy and hope” property investment.
With decades of experience spanning valuation, leasing, sales, investment and development, the Managing Director of Sullivan Property Consultants (SPC) has built a reputation for a disciplined and aligned approach: selecting assets carefully, managing them in-house, adding value, and only offering opportunities he is personally prepared to back with his own capital.
Founded in 2010, SPC is a Perth-based property investment, development, and management group specialising in syndicates and trusts focused on high-performing commercial properties, including retail centres, large format retail, and childcare facilities throughout Western Australia.
“We do not offer anything we would not invest in ourselves,” Mr Sullivan says. “If we believe in an asset, we commit our funds first, then open the opportunity to others.”
The group’s latest offering to wholesale investors is BSP Commercial Trust No. 4: a diversified, income-producing portfolio with strong fundamentals and development upside.
Built for Long-Term Performance
Launched in 2020, BSP Commercial Trust No. 4 was established to acquire and actively manage a focused portfolio of commercial properties with the potential for income growth and value creation through redevelopment or repositioning.
The trust currently holds three assets, with a fourth property under contract.
Over the next five years, the trust’s assets are expected to grow to between $25 million and $30 million.
“The Trust is already returning between 6.0 and 7.0 per cent per annum,” Mr Sullivan says. “Once fully deployed, we are targeting cash flow returns of 7 to 8 per cent per annum, with additional upside from development and asset growth.”
The trust’s current and contracted assets include:
- Kwinana Local Tavern: A hospitality venue in a key town centre location.
- Canning Vale Early Learning & Café: A newly constructed, dual-tenancy site located in a high-growth residential area near a new train station.
- Lesmurdie Village Shopping Centre: A retail hub anchored by IGA, currently undergoing major refurbishment and expansion, including construction of a new childcare centre.
- Hilbert Childcare Centre (under contract): A purpose-built facility on a prominent corner site, leased for 15 years to a national childcare operator, and located adjacent to a major retail precinct in one of Perth’s fastest-growing suburbs.
“We target essential services in high-growth areas, such as childcare and neighbourhood retail - sectors supported by strong demographic and policy trends,” Mr Sullivan adds.
Balancing Income and Opportunity
The trust has attracted strong interest from wholesale investors seeking both income stability and value growth.
“It strikes the right balance,” Mr Sullivan says. “Stable income from quality tenants, plus the potential for capital uplift through strategic redevelopment.”
Structured with a term to 2029 and flexibility to extend, the trust reflects SPC’s long-term, investor-aligned approach.
“If the assets are performing, we hold - the goal is to grow value for us and our investors.”
Key Investment Highlights
- Target Distribution Yield: 6.0% per annum, rising to 7.9% post-development.
- Minimum Investment: $50,000.
- Term: Until 2029, with potential extension.
- Offer Type: Wholesale investors only.
- Applications Close: 13 June 2025.
A Deliberately Lean, Aligned Model
Unlike many large-scale syndicators focused on volume and fees, SPC operates with a lean structure, high alignment, and direct accountability.
All core functions - acquisition, property management, leasing, and trust administration - are handled in-house by senior professionals.
“Our investors deal with senior staff directly. There are no layers of bureaucracy,” Mr Sullivan says.
“We focus on a small number of high-quality assets and manage them like they are our own — because they are.”
