Pirie Street

Location

The Property is centrally located to the southern side of Pirie Street and the northern side of Sudholz Place. Pirie Street is a wide east-west, two-way City arterial thoroughfare, with two lanes of traffic and parking lanes in each direction. Sudholz Street is a narrower, two-way street.

The surrounding area comprises of mixed commercial, retail, and residential uses. Hindmarsh Square is within proximity to the north-west of the subject property. The Property is within walking distance to Rundle Street & Mall, South Australia’s premier retail and lifestyle district.

Development Project

The Property is currently under construction and will comprise an A-grade commercial office building on a site of approximately 1,042sqm. On completion, the Development will comprise an eight-storey commercial office building inclusive of ground floor retail, end-of-trip facilities and car parking with seven upper floors of office accommodation. The Development has been designed to achieve a 5-Star Green Star and 5-Star NABERS energy rating. The Sponsors have received an Offer to Lease from Defence Housing Australia (DHA) for 23% of the Security Property for a 10-year lease.‍

Purpose

The purpose of the loan is to fund the construction of the Development.‍

Construction Progress

As at July 2023, construction progress is approximately 65% complete. The building structure is completed and internal works are underway.

‍Repayment Strategics

Primary Exit will be loan repayment from sale proceeds. The Sponsors intend to repay the loan in full at expiry. Alternate Exit will be refinancing into an Investment Loan.