Fully Invested

Box Hill, VIC

2 level office building with an approved permit for a 26 level office development

The Loan is secured by a first registered mortgage over a 2 level commercial office building located within the established suburb of Box Hill, approximately 14km east of the Melbourne CBD.

The building is zoned 'Commercial 1' (C1Z) and comprises an approximate lettable area of 1,350m2 plus 26 car spaces. It presents in reasonable condition and generates rental income which offsets holding costs.

The site holds an approved permit for a 26 level office development, incorporating ground floor retail (121m2) and 24 levels of office accommodation (11,267m2) with six (6) levels of car parking for 218 vehicles and 69 bikes.

The property benefits from frontage to Prospect Street, which has been identified under the Box Hill Structure Plan as being the major office precinct within Box Hill. Box Hill Central Shopping Centre and Railway Station are located within 150m of the property, with Box Hill Institute, Box Hill Gardens and the Box Hill hospital precinct also in close proximity.

The purpose of the Loan was to refinance a previous Balmain Discrete Mortgage Income Trusts (BDMIT) sub-trust known as the Fairbank Lane Sub-Trust. The Borrower conducted the previous sub-trust in a prompt and punctual manner and in accordance with loan documentation.

The Borrower Group are highly experienced property developers and investors operating in both Australia and China. The Group owns substantial unencumbered property holdings in Melbourne.

The Borrower Group is well known to the Manager. All facilities have been conducted in a prompt and punctual manner.

  • The Loan was advanced at a Loan to Value Ratio of 65%.
  • The Target Return is 9.10% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
  • The Loan is supported by multiple joint and several guarantees and a General Security Agreement over the Borrower.
  • Interest for the initial 12 months of the Loan Term has been lodged on deposit with the Manager.
  • The Loan Term is 18 months, subject to early or late repayment, from 21 April 2023 to 20 October 2024.

Investment Details

  • Target Return
    9.1% net
  • Loan to Value Ratio
  • Term
    4 Months

Full details, unique to each investment, are provided to Investors in a Supplementary PDS. These detailed Supplementary PDS’s are only available to Investors in Balmain Private.

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