Palm Beach

Location

Palm Beach is an established, predominantly residential suburb, located to the southern fringe of the Gold Coast local government area (LGA). The suburb is positioned approximately 19 kilometres south of the Southport Central Business District. The locality is dominated by residential low and medium density zonings, with minor portions of Neighbourhood Centre, Communal Facilities and Open Space.

The subject is located east of the Gold Coast Highway with proximity to established retail amenities. The surrounding residential development provides a combination of older style, detached dwellings, newly renovated or newly constructed modern good quality dwellings, prestige detached and unit apartment complexes to the beach frontage, and an increasing number of medium rise unit apartment complexes.

Property/Project Description

The proposed development is set over 9 floors with 2 levels of basement parking totalling 68 car parks plus 6 ground floor visitor parks. All units propose a modern design and floor plan, with architecture to maximise exposure to the Coastal and Hinterland views. Apartments composition is as follows:

• 20 x 3-Bedroom Apartments
• 18 x 2-Bedroom Apartments
• 2 x 1-Bedroom Apartments

Loan Purpose

The Loan is provided to fund the construction for the development of 40 beachside residences.

Exit Strategy

The exit strategy is to sell the apartments for full debt reduction.