Second Avenue

Location

The subject property is located within the suburb of Blacktown, situated approximately 43 kilometres west of the Sydney Central Business District (CBD) and approximately 14 kilometres to the west of Parramatta.

Public Buses are provided nearby on Sunnyholt Road and Blacktown train station is located approximately 600 metres to the south east of the subject. Blacktown shopping precinct and Westpoint shopping centre are located approximately 600 metres to the south east and provide a Woolworths, Coles and Aldi as well as a variety of specialist retailers. A variety of schools and parks are also close by.

The Development

The proposed development comprises two eighteen storey buildings (Block A and B) with the combined accommodation comprising a total of 276 residential units with a unit mix comprising 7 x studio, 117 x one-bedroom, 113 x two-bedroom and 39 x three-bedroom units with lift access. The average unit size reflects 73 square metres of internal living area. The 4 basement levels will provide a total of 449 car spaces. There are two levels of commercial/retail space comprising a combined Gross Floor Area of 5,280sqm.

Ground Floor Level

A retail arcade (2,391.98GFA) is proposed at ground floor with pedestrian access from the north and east.

First Floor Level

2,888.02m2 GFA of commercial floor space is proposed at this level in addition to a various plant rooms, circulation corridors and fire stairs. A swimming pool and common open space terrace areas are located at Level 1.

Planning Permit

A Development Approval was approved following a conciliation conference with the Land and Environment Court Act NSW 1979 on the 31st March 2016 for the construction of two mixed use buildings comprising residential units and commercial premises with basement car parking.

Purpose

The loan is to assist with refinancing existing debt from the current lender.

Source of repayment

The repayment strategy for the facility will be to for the loan to roll into construction funding, or sale of asset.