Bay Street

Location

The Property is in the heart of Double Bay, a prestigious inner-city suburb 4km East of the Sydney CBD. The property is centrally located on Bay Street in the village/commercial precinct. The development site benefits from immediate access to public transport with buses running on New South Head Road and a ferry service running from Double Bay Wharf to the CBD. Additionally, the Royal Sydney Golf Club and Woollahra Golf Clubs are about 2.2km from the Development Site.

Development Project

The development (Existing DA) under construction is a five-level commercial building with the upper four levels being commercial office space and the ground level split into lower and upper ground retail spaces. The approval includes the construction of three levels of basement parking (93 cars) and end of trip facilities.

The Developer has also commissioned plans to modify the commercial scheme (Amended DA) and construct a single level whole floor penthouse apartment on level four in lieu of commercial office space. Preliminary architectural drawings and plans have been completed and an international marketing plan will commence imminently.

Purpose

The Loan is provided to assist with the partial refinancing of existing indebtedness, fund the establishment fees and other fees and costs payable by the Borrower under the Loan and fund the cost-to-complete of the Project.

Construction Progress

NA.

Pre-sales

The project has achieved pre sales of $67.80 mil, which provides a nett debt coverage of 43.90%.

Exit Strategy

The primary exit strategy is to sell the commercial strata suites and/or penthouse (as the case may be under an Amended DA) and use the proceeds from settlement to repay the loan by the designated maturity date.

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