Fully Invested

Wadalba, NSW

Residential Development Site

The purpose of the Loan was to assist with refinance and further development of the Security Property.

The Loan is secured by first registered mortgage over a future residential development site located in Wadalba, NSW, approximately 5km north east of Wyong and 25km north of Gosford.

The Security Property comprises of two (2) regular shaped lots totalling 9.71ha. Current improvements are an older single level dwelling appearing in poor condition with an older machinery shed at the rear.

The site is zoned predominantly 'R2 Low Density Residential' under Central Coast Local Environmental Plan (LEP) 2022.

The Borrower intends to submit a development application for 126 residential lots on the estimated developable 'R2' zoned land. It will be integrated with the adjoining property in terms of services, including internal roads.

The property adjoins similar types of rural lifestyle acreages (recently rezoned to residential zoning), some smaller, older established residential estates, along with newly established residential subdivisions located within a 500m radius. Immediately north of the subject land are recently completed residential subdivisions, along with similar further west and diagonally opposite to the northeast.

The subject property is well located near relevant services and amenities. Westfield Tuggerah is a major shopping centre and is within 8km. Wadalba Shopping Centre is approximately 1.2km north of subject and offers both Coles and Woolworths plus specialty shops.

The Borrower is an SPV which was established over 20 years ago to acquire the development site as a rural land holding, before eventually borrowing money to assist with the rezoning process.

  • The Loan was advanced at a Loan to Value Ratio of 11%.
  • The Target Return is 9.20% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
  • The Loan is supported by first registered mortgage, a deed of acknowledgement from all unit holders and a General Security Agreement (GSA) over the Borrower.
  • Interest for the Term of the Loan has been lodged on deposit with the Manager.
  • The Manager has assessed the financial position of the trust as part of its credit approval process and is satisfied that the assets of the trust are sufficient to ensure repayment of the Loan.
  • The Loan Term is 12 months, subject to early or late repayment, from 29 August 2023 to 28 August 2024.

Investment Details

  • Target Return
    9.2% net
  • Loan to Value Ratio
    11%
  • 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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