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Private Property Trust No. 1 contains two commercial office buildings located at 456 Lower Heidelberg Road in Heidelberg, Victoria and 1 Farrell Place in Canberra CBD, ACT. The trust commenced with the purchase of 1 Farrell Place, Canberra by Lachlan REIT Limited in August 1999. The Heidelberg property was purchased in June 2001.

Fawkner Property was appointed as the replacement manager by the unit holders of the trust in May 2011.