The Security Property is located at Forster, within the Mid North Coast region of NSW.
Fully Funded
Forster
|
New South Wales

Forster

The Security Property is located at Forster, within the Mid North Coast region of NSW.

Project Details
S$ 2.8 M
Funds Invested
6.25%
Nett Interest Rate Per Annum
11
Tenure (Months)
Monthly
Repayment Scheme
October 27, 2023
Loan Start Date
September 26, 2024
Loan End Date

Project Description

Location

The Security Property is located at Forster, within the Mid North Coast region of NSW. Forster is considered a semi major commercial centre, which centres around lifestyle with tourism and retirement driving the local economy. This has led to extensive shopping, entertainment and service facilities to support both residents and visitors.

Development Project

The Security Property is a gateway site, occupying a prominent and well-located position at the north-western corner of the roundabout controlled intersection of Reserve Road and Head Street at Forster.

The surrounding development comprises a mix of new and established residential dwellings and future low density residential development sites. The property benefits from close proximity to local retail amenity, including various cafes and eateries located along Wharf Street. Stocklands Forster is located approximately 4 kilometres (by road) to the south. Major retailers include Coles, Aldi, Kmart, Target Country, Best & Less, and Bunnings Warehouse. A Woolworths supermarket is also located at Tuncurry.

Purpose

The purpose of this loan is to assist with the construction of 51 residential apartments.

Facility repayment

The borrower intends to repay via the sale of the completed apartments.

Construction Progress

As at July 2023, the construction progress is approximately 9% complete. Works on site have progressed with the dewatering plant now on site. Bulk excavation to the western portion of the site has progressed with piling works also progressing.

Pre-Sale Debt Cover

As at July 2023, 15 of the 51 apartments have been exchanged unconditionally, equating to net presales of $24.5m or debt coverage of 51%.

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The Security Property is located within the Gladesville suburb, approximately 12km from Sydney CBD. Gladesville is a sort-after suburb for high-income families, with a target product mix of luxury terraces of four bedrooms, four bathrooms and additional living areas reflecting this.

Gladesville

The Security Property is located within the Gladesville suburb, approximately 12km from Sydney CBD. Gladesville is a sort-after suburb for high-income families, with a target product mix of luxury terraces of four bedrooms, four bathrooms and additional living areas reflecting this.
5.7 - 6.08%
nett p.a.
|
6
months
The subject is located within the Civic Core of the Melbourne CBD in the City of Melbourne LGA, home to famed alleyways and arcades and its distinct blend of contemporary and Victorian architecture. Flinders Lane, specifically, is primarily characterised by low and mid-rise heritage buildings, with retail uses to the ground floor and upper-level offices.

William St

The subject is located within the Civic Core of the Melbourne CBD in the City of Melbourne LGA, home to famed alleyways and arcades and its distinct blend of contemporary and Victorian architecture. Flinders Lane, specifically, is primarily characterised by low and mid-rise heritage buildings, with retail uses to the ground floor and upper-level offices.
6.1 - 6.5%
nett p.a.
|
12
months
The property is in Nerang Broadbeach Road, Carrara QLD. Carrara is predominately a residential suburb approximately 5 kilometres south-west of central Surfers Paradise and approximately 6 kilometres north of the Southport Central Business District (CBD).

Nerang

The property is in Nerang Broadbeach Road, Carrara QLD. Carrara is predominately a residential suburb approximately 5 kilometres south-west of central Surfers Paradise and approximately 6 kilometres north of the Southport Central Business District (CBD).
6.1 - 6.6%
nett p.a.
|
12
months
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