Miami, QLD

Residential Development Site

The purpose of the Loan was to refinance a previous Balmain Discrete Mortgage Income Trust (BDMIT) sub-trust known as the Riviera Road Sub-Trust. The Borrower conducted the previous sub-trust in a prompt and punctual manner.

The Loan is secured by first registered mortgage over a residential development site located in the established coastal suburb of Miami, QLD, approximately 10km south east of the Southport CBD and 7km south of Surfers Paradise.

Planning approval for the construction of two (2) x 3 storey residential duplex units was granted in July 2022. Subsequently, demolition commenced in February 2023 and construction works are estimated to be completed within the next 7 months.

Each duplex is intended to comprise an internal building area of 207.52m² and a total area of 279.55m² with four (4) bedrooms, two (2) bathrooms, powder room, inground swimming pool, rooftop terrace and attached double carport accommodation.

The subject property is located approximately 200m from the beach and is within close proximity to numerous services and amenities. It is well connected to retail and shops with Pacific Fair Shopping Centre approximately 4.2km north, Miami One Shopping Centre 1km south, Burleigh Heads retail & dining precinct within 3km to the south and Nobby Beach retail precinct 1km north.

The Security Property is well located near public transport services with frequent bus services that run at intervals of 8-15 minutes during peak time. Additionally, the site is conveniently located within 14km south east of the Gold Coast Airport.

The Borrower Group are experienced property developers who have successfully completed multiple projects in VIC, NSW and QLD. The Group generates substantial income through its real estate holdings as well as holding substantial net assets.

The Borrower Group is well known to the Manager who has provided multiple loans to the Group. 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 8.95% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
• The Loan is supported by a personal guarantee and a General Security Agreement over the Borrower.
• Interest for the Term of the Loan has been lodged on deposit with the Manager.
• The Loan Term is 11 months, subject to early or late repayment, from 28 July 2023 to 27 June 2024.

Investment Details

• Target Return

  8.95% net

• Loan to Value Ratio

  65%

• Term

  2 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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