Brighton

Project Location

The subject property is located within the affluent, established and well-regarded bayside suburb of Brighton. It is approximately 12.6km south-east of the Melbourne Central Business District. It is well serviced by established public transport infrastructure and educational institutions. The location is central to a full range of complementary services including extensive shopping facilities within walking distance. In all respects, the area is very popular and highly sought after for residential occupation.

Project Development

The subject property is a three-storey residential building with basement car parking. 11 of 13 apartments have been pre-sold, achieving pre-sale debt coverage of 114%. The remaining apartments will likely be sold during the latter stages of the construction delivery or after the completion of construction, to those buyers wishing to experience the complete (or near complete) product.

Project Loan Details

The purpose of this loan is to fund the construction of the residential building to completion and the Borrower intends to repay the loan via the net settlement proceeds from the sales of the completed apartments. The appointed builder is licensed and experienced, having recently completed a residential project of similar scale.