Double Bay

Project Location

The subject property is located in the heart of Double Bay Village, which is a popular retail/commercial area on the harbour foreshore approximately 4 km east of the Sydney Central Business District (CBD). Surrounding development comprises a mixture of older style, one to two level retail and office buildings interspersed with three to five level modern retail and office developments. The site is surrounded by some of Eastern Suburbs’ finest cafés, restaurants, gyms, designer boutiques, hotels and pubs. The subject property is also well serviced by public transport (buses, train, boat) and is within walking distance to two golf clubs and major shopping facilities and amenities.

Project Development

The subject property is a four storey commercial building that is currently vacant, having undergone internal strip-out ready for refurbishment. Approximately 85% of the total net leasable area has been successfully pre-leased and the remaining 15% is currently under final negotiation after receiving strong interest.

The appointed external project manager has long-standing industry relationships and a depth of construction and project management experience that was developed through the successful delivery of many award-winning, complex and challenging projects of similar scale and sophistication. Two experienced builders are currently tendering for the project, and construction is expected to start in Q4 2022.  

Project Loan Details

The purpose of this loan is to fund construction works and the Borrower intends to repay the loan by refinancing into an investment facility with a major bank upon completion of the development. The refinance market for this asset type is deep.