Silverdale
The location is ideally located within a built-up area, approximately 70km west of the Sydney CBD and 52km west of the Parramatta CBD.
Project Description
Location
The location is ideally located within a built-up area, approximately 70km west of the Sydney CBD and 52km west of the Parramatta CBD. Silverdale is well positioned to take advantage of future growth as Sydney expands west. It is located close to key infrastructure including being only 20mins’ drive to the future site of Sydney’s second airport at Badgerys Creek
Development Project
The borrower is redeveloping the pre-existing local centre to include 7,239 net lettable area (‘NLA’) with parking for 435 vehicles and 26 bays in the existing service station and workshop, making up stage one of the master plan for the Property. Under stage two, the Borrower plans to develop a childcare centre and an Aldi shopping centre on a separate title at a later date.
The Property currently has a service station which will remain unchanged, office tenancies which will be renovated, a residential dwelling which will be demolished and the current shopping centre which will be mostly demolished and replaced, as part of the Project.
On completion of the Project, the Property will be subdivided, separating the shopping centre and residual land onto separate titles. The residual adjoining land with RU2 zoning of approximately 5.5ha will be retained and will potentially benefit from future rezoning and development.
Purpose
The loan is provided to assist with the redevelopment of the Project on a cost to complete basis.
Exit Strategy
The primary exit strategics is through completion of the Project and refinance into an investment loan. The secondary exit would be available through sale of periphery assets in the Guarantor’s portfolio.
Construction Progress
As of August 2023, the construction is progressed at 33% completed against cost.
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