Sydney Olympic Park, NSW

Residential Development Site

The Loan is secured by first registered mortgage over the leasehold interest over a 3,932m² lot located in Sydney Olympic Park, NSW, approximately 16.7km west of the Sydney CBD by road.

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

The Security Property is zoned 'B4 Mixed Use' which, upon completion of construction, will comprise a part 8 and part 12 storey building yielding 149 residential apartments with a 3 level basement facilitating 20 residential car parking spaces and storage cases. The building will have a mix of 12 x 1 bedroom, 76 x 2 bedroom and 45 x 3 bedroom and 16 x 4 bedroom apartments.

The Security Property benefits from proximity to numerous services and amenities. Rhodes Waterside Shopping Centre is approximately 3.7km east, Concord Repatriation General Hospital is 4.6km north east and there are numerous primary, secondary and tertiary education facilities within a 4km radius. The Olympic Park Train Station is 600m to the west, as well as various bus services along Park Street.

The Borrower Group is an experienced property developer based in Australia and New Zealand which was established in Sydney in 2007, and later expanded to Auckland, New Zealand in 2016.

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 9.60% 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 15 months of the Loan Term has been lodged on deposit with the Manager.
• The Manager has assessed the financial position of the Borrower and Guarantors as part of its credit approval process and is satisfied that they are financially capable to service (pay interest) a loan of this nature.
• The Loan Term is 18 months, subject to early or late repayment, from 30 August 2023 to 1 March 2025.

Investment Details

• Target Return

  9.6% net

• Loan to Value Ratio

  65%

• Term

  10 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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