Boxhill

‍Location

The subject site is located at Mason Road, Box Hill NSW 276 the Property sits on a 1.2ha vacant site. Box Hill is a relatively new suburb in north-western Sydney, nearby to Windsor and approximately 25km to the Parramatta CBD. Box Hill is part of the NSW Government’s North-West Priority Growth Area, with plans to build up to 9,600 new homes in the suburb, along with an industrial estate and supporting infrastructure.

Development Project

Under the existing development application (‘DA’) approval, the Sponsor is undertaking residential subdivision of the site into 18 lots with two residual lots for later development (‘Project’). The Borrower currently has a landbank facility for $7.07m secured against the Property, which was provided for the Borrower to achieve DA approval and prepare the site for subdivision works. DA approval was achieved in June 2023, with the Project now ready to commence.

The Project’s 18 residential Torrens title lots have a uniform size of 251.4sqm per lot, with the two residual lots sized 1,145sqm and 5,834sqm respectively. The Loan is being provided to convert the existing facility and for provision of funding for the completion of the subdivision works on a cost to complete basis.

Purpose

The loan is to fund the subdivision of 18 residential lots with 2 residual lots at Mason Road, Box Hill NSW 2765, on a cost to complete basis.

Exit Strategy

The primary exit strategy is via realisation of pre-sales upon completion of the Project and refinance of the residual lots to repay the Loan in full.

Construction Progress

N.A.

Pre-sales

The project has achieved a net pre-sale value of $9.53mil, which provides a nett debt coverage of 78.15%.

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