Crowdfunder DomaCom will bring a fresh, exciting element to the popular TV series The Block by allowing viewers the opportunity to join a crowdfunding campaign to buy one of the five apartments.
The 12th season of The Block, Australian TV’s longest running reality show, starts later this month on Channel 9 with five couples – and this time around, viewers will be able to be actively involved as an investor for as little as $2500.
The Block’s latest project is a heritage-listed building in Ingles Street, Port Melbourne, that was acquired from property developer Harry Stamoulis for an estimated $5 million.
DomaCom CEO Arthur Naoumidis says: “I have always been a great fan of The Block, and allowing viewers the opportunity to actually invest in one of the apartments will bring another dimension to this acclaimed program.”
“Viewers will be able to use DomaCom’s platform as an investment vehicle in one or more of the apartments, effectively vastly widening the net of those viewers who can be involved at this level.
In the past, the apartments were auctioned at the completion of the renovation, so to be involved was clearly beyond the resources of the vast majority of viewers. But now they can have an investment stake that doesn’t bet the farm.”
DomaCom, which is poised to list on the ASX, offers viewers the opportunity to participate as a Block investor via an online crowdfunding property book-build, a process that creates a syndicate.
How The Block investment opportunity works, is relatively simple. The minimum contribution is only $2,500 so almost anyone can become a part owner of a Block apartment. Viewers can choose the apartment or their favourite Blockheads to support, go online and open an account with DomaCom transferring the amount they wish to invest. They then place a ‘bid’ on their chosen apartment.
Towards the end of the series and provided sufficient money is raised, DomaCom will issue formal documentation and prepare to bid at the televised auction.
If successful and the apartment is purchased, DomaCom will appoint a property manager – to ensure the apartment is tenanted and the investors will each receive their share of the ongoing rent and the future capital growth.
Investors can, if they wish, sell their share in the apartment at any time using DomaCom’s online platform.