Tuggerah, NSW

Commercial land - future bulky goods retail centre

The Loan is secured by a first registered mortgage over a commercial development site comprising 23,693m² of land intended to be developed into a bulky goods retail centre located in Tuggerah, NSW.

A Development Application is currently lodged as a Complying Development Application for the redevelopment of the property. Approval is pending.

The property is approximately 75km south of the Newcastle CBD and 97km north of the Sydney CBD. Tuggerah is a major regional centre and one of the fastest growing regions in NSW.

The purpose of the Loan was to assist with the acquisition of the Security Property.

The subject comprises a large infill development site consisting of two (2) adjoining lots, situated on the western alignment of Pacific Highway, extending to 2.4ha. The subject property is generally regular in shape and level in topography.

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

The Director has substantial experience in commercial property investment and development (including bulky goods retail development), being a 30-year client of Balmain.

• The Loan was advanced at a Loan to Value Ratio of 60%.
• 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 joint and several personal and corporate guarantees and a General Security Agreement over the Borrower and a related corporate entity.
• Interest for the Term of the Loan 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 a loan of this nature.
• The Loan Term is 12 months, subject to early or late repayment, from 23 October 2023 to 22 October 2024.

Investment Details

• Target Return

  9.2% net

• Loan to Value Ratio

  60%

• Term

  5 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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