Beecroft
The Security Property is located in Cheltenham, a suburb in the Northern Sydney region, approximately 17km north-west of the CBD.
Project Description
Location
The Security Property is located in Cheltenham, a suburb in the Northern Sydney region, approximately 17km north-west of the CBD. The immediate surrounding development is predominantly residential in nature, characterised by medium density and single level dwellings along with nearby retail amenities.
Local services and facilities are available in neighbouring suburbs including Beecroft, Pennant Hills and Epping. The closest shopping centre is located at Carlingford Court, approximatively 4km south of the Security Property. Cheltenham Railway Station is located approximately 600 metres from the Security Property, with bus services operating along Beecroft Road. Parks and recreational facilities are located within proximity to the Security Property, including Cheltenham Oval and Pennant Hills Golf Club.
Development Project
The Security Property is currently under construction comprising of 10 independent seniors living apartments (Development). The apartments provide for at least two bedrooms and two bathrooms, positioned over dual levels including one level of basement parking. The average sizes of the apartments comprise 95sqm of internal area and 30sqm of external area. The apartments will be serviced by large open plan living areas and designed so that each apartment is wheelchair accessible by suitably graded pathways.
Purpose
The Loan is provided to assist with the acquisition of the Security Property and fund the construction of the Development.
Facility repayment
The primary repayment strategy for this facility is from the sale of the apartments upon completion. The remaining stock will be readily available to be converted into a residual stock facility if required.
Construction Progress
As at May 2023, the suspended slab for Level 1 was completed, and the structural steel frame is about to commence for the roof. High level services rough-ins are in progress including cast-in slab drainage, risers, hydrants etc. The project progress is approximately 46% complete.
Pre-Sale Debt Cover
3 out of the 10 apartments have been pre-sold with a full 10% deposit.
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