Broadbeach

Project Location

The residential suburb of Carrara on the Gold Coast occupies a north facing aspect on the Nerang River. The area surrounding the development comprises generally large land holdings with single dwellings. Carrara is located approximately 5km southwest of Central Surfers Paradise and approximately 6km south of the Southport CBD.

Project Development

The subject property is a development site situated along Broadbeach Road in Carrara, Queensland. The development is for the construction of 68 residential units over 6 levels comprising; - 6 x 2-bedroom, 2 bathrooms with 1 car space of approximately 141sqm GFA in size, - 62 x 3-bedroom, 2 bathrooms with 1-2 car spaces of approximately 151-262sqm GFA in size. The development provides a single level of carparking for residents accessed via a ramp to Level 1, together with Ground Floor visitor carparking of 12 spaces. Communal facilities will include a swimming pool, kids pool and BBQ facilities.

The units feature views north over Nerang River and to the Royal Pines Golf Course, east to the Broadbeach and Surfers Paradise Skyline, south over Nerang-Broadbeach to the hinterland.

28 out of the 68 units have been pre-sold as of mid March 2023 achieving a net debt cover of 66%.

It is worth noting that the mix of pre-sales achieved is considered acceptable noting the project is comprised of two 3-bedroom + study; sixty 3-bedroom and six 2-bedroom apartments all with 2 bathrooms and varying car spaces/storage amenities. The Borrower has achieved sales across all product mix and across all floors such that there is no concentration of type or of floors for residual stock.

Project Loan Details

The loan will be repaid through sales of units or residual stock financing.