Mittagong

Location

The property is situated within the Mittagong industrial estate, located in the prestigious Southern Highlands, within the Wingecarribee Shire Council area. It is well located within 5 minutes from the town centre and 5 minutes to the Hume Motorway, the key arterial road connecting Sydney, Canberra and Melbourne.

Development Project

The loan was granted to the Borrower to facilitate the purchase of properties located at Davy Street, Mittagong NSW 2575. The subsequent loan balance provides required funds, on a cost-to-complete basis, for the Project to reach completion. Eight industrial units with mezzanine levels for office are under construction on the purchased property with land size of 6,171m2.

The project has appointed a local industrial agent to conduct a sales campaign for the project with nett saleable area of 4,583m2 and several discussions are now in place. Given the current development progress, prospective buyers are now able to walk through the site and visualise the project which could potentially enhance the sales process.

Purpose

To provide funding for the acquisition of the property, and the construction of eight industrial units at the site.

Exit Strategy

The primary exit strategy is through the sale of completed lots.

Construction Progress

The project is approximately 67% completed against cost as per the QS (Quantity Surveyor) Report in April 2024.

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