Kyabra Street

Location

The Security Property is located in the suburb of Newstead, approximately 3 kilometres northeast of the Brisbane CBD, situated on the western side of Kyabra St, and is three allotments north of the intersection with Commercial Rd.

Newstead is one of Brisbane’s oldest suburbs which has experienced significant popularity in recent years due to its close proximity to Brisbane CBD and other extensive amenities. Surrounding developments consist of a mix of residential and commercial developments.‍

Development Project

The Property is located at Kyabra Street, Newstead QLD 4006, with a total site area of 921 sqm.

The Borrower has already obtained the development application (DA) Approval for the construction of a 13-storey commercial and retail building over 2-level of basement car parking. The approved scheme allows for a total net lettable area (NLA) of 4,800 sqm and 41 car parking spaces. The Borrower is currently in a pre-application process with Council and will submit further DA seeking to modify the approved scheme to a residential scheme with substantially more NLA.‍

Purpose

The Loan is provided to refinance the existing acquisition loan of the Security Property.‍

Construction Progress

NA.‍

Pre-sales

NA.‍

Exit Strategy

The primary exit strategy is through the refinance into a construction loan. The alternative exit strategy includes the refinanced the loan with another land loan. In the unlikely event, the Borrower could consider selling the Security Property for loan repayment.