Stringer
This acquisition is aligned with the Borrower/Sponsor’s strategy of land acquisition for future subdivision and is well-located within a locality which has been historically and successfully developed by the Sponsor.
Project Description
Project Location
The subject site is situated in the Kellyville Precinct of the North West Priority Growth Area (NWPGA) which is located approximately 30 km northwest of the Sydney Central Business District. The area has undergone extensive residential development and the subject site is in good proximity to Kellyville Village, Rouse Hill Town Centre, and public transport facilities.
Project Development
This acquisition is aligned with the Borrower/Sponsor’s strategy of land acquisition for future subdivision and is well-located within a locality which has been historically and successfully developed by the Sponsor. The Borrower’s intent is to have the site land subdivided to create more than 60 residential lots. The development application has been submitted with decision pending. The Borrower intends to repay the loan either by refinancing the existing loan into a construction facility or selling the asset as-is once development approval has been achieved. The NWPGA is performing well, demonstrating stable, high-frequency sales activity. Sydney’s residential housing market is also considered to have reasonably strong underlying supply and demand fundamentals.
Project Loan Details
The purpose of the loan is to assist with acquiring the subject land.
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