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.
Fully Funded
Melbourne
|
Victoria

Cross Street

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.

Project Details
S$ 4.78 M
Funds Invested
6.50%
Nett Interest Rate Per Annum
7 - 8
Tenure (Months)
Monthly
Repayment Scheme
August 15, 2023
Loan Start Date
November 14, 2024
Loan End Date

Project Description

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.

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The property site is zoned R2, for low density residential and is well located within the region, being in proximity to the existing public transport network, amenities and major transport nodes in the area. Box Hill city centre is approximately 4.7 km to the south-west of the subject site.

Landen Construction Note

The property site is zoned R2, for low density residential and is well located within the region, being in proximity to the existing public transport network, amenities and major transport nodes in the area. Box Hill city centre is approximately 4.7 km to the south-west of the subject site.
6.10%
nett p.a.
|
12
months
The property is in the suburb of Broadmeadows, within Melbourne's northern industrial sub-market. Located in the precinct to the North of Camp Road, south of Broadfield Road and bordering the Merlynston Creek to the west, the property is approximately 15 kilometres north of the Melbourne CBD.

Broadmeadows

The property is in the suburb of Broadmeadows, within Melbourne's northern industrial sub-market. Located in the precinct to the North of Camp Road, south of Broadfield Road and bordering the Merlynston Creek to the west, the property is approximately 15 kilometres north of the Melbourne CBD.
6.28%
nett p.a.
|
12
months
The property is situated within the Mittagong industrial estate, located in the prestigious Southern Highlands, within the Wingecarribee Shire Council area. It is well located within 5 minutes from the town centre and 5 minutes to the Hume Motorway, the key arterial road connecting Sydney, Canberra and Melbourne.

Mittagong

The property is situated within the Mittagong industrial estate, located in the prestigious Southern Highlands, within the Wingecarribee Shire Council area. It is well located within 5 minutes from the town centre and 5 minutes to the Hume Motorway, the key arterial road connecting Sydney, Canberra and Melbourne.
6.08%
nett p.a.
|
8
months
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