Surfers Paradise

Location

The subject property is well located within the established central Gold Coast suburb of Surfers Paradise approximately 6km south of Southport CBD. The locality is characterised by a variety of zonings and development construction being high and medium density unit development, low density canal waterfront housing, centre/retail commercial precincts, community facilities and multiple open space conservation zones.

The immediate surrounding area consists of a variety of high-rise residential towers of varying ages and scales with low-rise residential developments dispersed throughout. The broader neighbourhood is highly accessible by public transport, with the light rail which includes the Florida Gardens Light Rail Station located approximately 300 metres walk of the subject site. The site is also within walking distance of the beach, and approximately 2km from Cavil Avenue and ancillary retail amenity, and 2.6km from Pacific Fair Shopping Centre.

The Development

The property spans a total site area of 2,070sqm with street frontage to Surf Parade. The proposed development comprises two high rise buildings (North and South Tower) which are 93-storeys and 21-storeys respectively. The combined accommodation will consist of a total of 164 residential units.

Pre-sales

To date, 59 of the 71 units forming part of the South Tower have been pre-sold, allowing for refinance to a major bank for construction funding.

Planning Permit

Two separate development approvals have been obtained for the construction of the North and South Tower.

Purpose

The loan will assist with the refinance of the property and fund loan establishment fee and costs.

Source of Repayment

The repayment strategy for the facility will be to for the loan to be refinanced by a bank, or sale of asset.