Lindfield
Lindfield is an established suburb within Ku-ring-gai Local Government Area and forms part of Sydney’s Upper North Shore.
Project Description
Location
Lindfield is an established suburb within Ku-ring-gai Local Government Area and forms part of Sydney’s Upper North Shore. It is situated approximately 13 kilometres north-west by road of Sydney CBD. The suburb has many lifestyle offerings, including numerous restaurants and cafes, recreational fitness facilities and parklands, and local shopping facilities including Coles, IGA, Harris Farm, and several retail shops.
Development Project
The project is an approved residential townhouse and unit development. Under the existing Development Approval, the Sponsor is undertaking the demolition of existing structures and the construction of four (4) apartments and six (6) townhouses rising over part three and four storeys with common basement carparking.
The site area is 2,439sqm, and has been utilised in a highly efficient manner to deliver maximum value for stakeholders and meet market preference. Both the townhouses and unit configurations are traditional in layout, and oversized, comprising of open plan living which will allows for the natural light to penetrate throughout the dwelling. The development is set over a 24-car space basement, which also includes a car wash bay, bicycle racks, individual storage cages and lift access to the townhouses and units.
Purpose
The loan is provided to assist with construction funding on a cost to complete basis for the delivery of the project.
Construction Progress
As of December 2023, the construction is 36.3% complete against cost.
Pre-sales
The project has achieved 2 pre-sales, resulting in a nett realisable value of $5.46 mil with a 10% deposit each.
Exit Strategy
The primary exit strategy is through the sale, or partial sale of the assets. Any residual debt can then be cleared from a residual stock facility. The secondary exit strategy includes the injection of equity from the sponsor who has significant net assets and cash flows from external sources which can be utilised, and / or (ii) the further sale of the required amount of units to reduce the debt against the asset to allow for a residual stock facility to be established.
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