Landen

Location

The property is located at Menin Road, Oakville NSW, which is a suburb within the Sydney North West Growth Area.

Development Project

The land package has been sold to the developers by Crownland for a price of $35m, with DA in place for a 91-lot subdivision encompassing demolition of existing structures, remediation works, water storage facility dewatering, construction of roads and service infrastructure for 91 Torrens title lots and three residue lots.

The site is zoned R2, for low density residential and is well located within the region, being in proximity to the existing public transport network, amenities, and major transport nodes in the area. Box Hill city centre is approximately 4.7 km to the south-west of the subject site.

Purpose

The loan is to assist with the purchase of development land at Menin Road, Oakville, NSW

Exit Strategy

The primary exit strategy is via refinance into a construction loan.

Pre-sales

The sponsor have commenced marketing for the first stage release of 31 lots, with 8 now under offer and awaiting settlement of the land to allow them to formally exchange. Once exchanged, these 8 sites would provide a total presale amount of 6.328m. Indicatively, $28m in net proceeds would be required to activate construction funding, which equates to 40.24 average lots in the proposed subdivision. This would form a Condition Precedent to a future construction facility, which the borrower anticipates will take 3 to 6 months to achieve.

Construction Progress

N.A.

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