Cross Street

Location

The subject property is well located only 7km from the Melbourne CBD and is directly across the road from West Footscray Train Station and adjacent to Victoria University Community Sports Centre/VU Whitten Oval. The site is surrounded by public transport and amenities with further benefit being provided due to its proximity of the future Footscray Hospital located 1.3kms north of the subject site.

Development Project

The proposed apartments will provide functional layouts with open plan kitchen, living and dining areas, while each bedroom will have a source of natural light. The five retail units will be accessed from either Cross Street or Hocking Street and will have full height glazing to the street. Four of the units will include a mezzanine level. The units will provide warm shell accommodation, while communal bathroom facilities will be available to the mezzanine level.

The mezzanine level will include additional communal amenities, incorporating three function rooms, a spa/sauna, gym, library and a residents’ communal area. Level 2 will include a communal garden area situated between the two main towers, while the larger retail space will include a 125m² private garden.

Pre-Sales

To date, the sponsor has achieved the first pre-sale hurdle and currently has $19,780,500 in gross sales ($18,486,499 NRV), which equates to a 34.91% debt coverage.

Purpose

The purpose of the loan is to assist with the construction of the property.

Facility Repayment

The repayment strategy for the facility will be from the sale of the apartments upon completion.