What's the deal with brickx

One of its failings seems the lack of independence eg Look at the May 2019 water damage event below. The trust took a loan from Brick Exchange Pty Ltd to pay for uninsured water damage and it ranks as 100% priority for all income. Until that 5% loan is repaid there is $0 income. November 2018 through to at least December 2021 there is no planned income. Yet the trust may still produce taxable income for its investors.

https://www.brickx.com/properties/BRW01/details

 

Nothing too unusual, high risk unlisted property trust.

Building is a 1950's supermarket with some years left on the lease and a 5 year option.

My concerns:

• it's a single purpose building (their own description), who are the alternative tenants?
• 70 year old building, what could go wrong (roof replacement, structural issues, compliance, services)
• Liquidity (how easily will an investment be sold especially if there's a run of people exiting)?
• What's the return (I haven't read the PDS)?
• What's the take for the manager?
• What's the kicker for them when they sell to a developer or lease the property to a new tenant?

 

The whole point of brickx was to allow fractional ownership of residential property though. There's nothing special to them as a commercial property syndicate.