Parkside

Project Location

The subject property is located within the suburb of Greensborough which is approximately 17.5km north-east of the Melbourne Central Business District. The subject property is within walking distance to comprehensive retail amenities, public transport infrastructure, recreational reserves and educational institutions.

Project Development

The residences will feature good quality modern fixtures and fittings consistent with the requirements of the target market (first home owners, investor buyers and downsizers).

The subject property is a six-storey residential building including two basement levels of car parking. 15 of 45 apartments have been pre-sold, achieving pre-sale debt coverage of 56.86% and demonstrating good market acceptance of the development. The remaining apartments will likely be sold during the latter stages of the construction delivery or after the completion of construction, to those buyers wishing to experience the complete (or near complete) product.

Project Loan Details

The purpose of this loan is to fund the construction of the residential building to completion and the Borrower intends to repay the loan via the net settlement proceeds from the sales of the completed apartments. The appointed builder is licensed and experienced, having a track record of completing like developments.