Forster

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%.