Devonport

Location

Devonport is a key access point from the Australian mainland into Tasmania, with its strategic location as a major port and transportation hub facilitating significant commercial activity. Devonport is Tasmania's third-largest city, with a population exceeding 30,000. The Property is well located to take advantage of commercial trade with its proximity to key infrastructure, neighbouring two main arterial roads, positioned well in between the Airport and Port.

The Airport is one of the State’s key regional airports, being the largest security-controlled airport in the region offering 24-hour access, 365 days a year with all-weather facilities. It is currently undergoing a Master Plan development to facilitate enhanced aviation and regional economic activity to benefit commercial outcomes for the community.

Development

On completion, the development will comprise 16 subdivided lots. Subdivision works are approximately 75% completed against cost. Additionally, as part of works that have already completed, the Borrower has constructed a warehouse on the proposed Lot 2 which is currently leased to a third party. To date, one pre-sale has been achieved and several other lots are under negotiation with potential buyers. Upon completion of the subdivision, the borrower will also be constructing a steel warehouse on the proposed Lot 3.

Purpose

To provide construction funding for the completion of civil works and construction of a warehouse.

Exit Strategy

The primary exit will be via the settlement of pre-sales and refinancing of the remaining units into a term debt facility.

Construction Progress

75% completed for subdivision.