Whitebridge

Project Location

The subject property is located 12km South-West of central Newcastle and 150km north-east of Sydney in the suburb of Whitebridge. Whitebridge provides for a great development opportunity with local estate agents staking a high demand for new housing developments with limited supply of land. It has witnessed increasing land sales due to the affordability compared to central New South Wales (NSW) and outer-Northern Sydney Suburbs, and is considered one of the best performing suburbs in NSW.

Project Development

There is currently good overall demand from the overall owner occupier/investor market. The suburb is considered a coastal town owing to the lifestyle it offers. Whitebridge has 11 parks covering nearly 37.2% of the total area, and the subject property is within walking distance to a beach that is considered one of Australia’s top 20 beaches (out of more than 11,000 beaches) by Tourism Australia’s official beach ambassador (Brad Farmer). Glenrock State Conservation Area, one of the most visited national parks in NSW is also located in the vicinity.

Project Loan Details

There are also a range of education, retail and social amenities in close proximity to the subject property.

The purpose of this loan is to refinance the existing land facility and fund land subdivision civil works on a cost to complete basis.

The Borrower intends to repay the loan by selling the subdivided parcels of land upon completion of the civil works and registration of subdivision with the council. Civil works have started and are being done by an experienced builder with more than 18 years of experience.