Cheltenham, VIC

Permit Approved mixed-use retail and residential development site

The Loan is secured by first registered mortgage over five (5) retail premises forming a Permit Approved mixed use retail and residential development site with a combined site area of 1,393m² located in Cheltenham, VIC, approximately 18km south east of the Melbourne CBD.

The Security Property on the Southern edge of the 'Cheltenham Activity Centre Zone' (ACZ1) under the City of Kingston Planning Scheme, with three (3) street frontages and a rear right of way.

The surrounding environment is residential in nature, improved with a variety of property styles, most relating to older style brick and weatherboard dwellings, together with villa units and modern townhouses.

The site was improved with five (5) retails stores and attached residences at rear. Three (3) of the attached rear residences are leased, subject to month-to-month leases.

A planning permit has been granted in September 2021, allowing for the construction of a 4 storey mixed-use building comprising three (3) ground floor retail shops and 29 apartments.

The Borrower Group are experienced property investors and developers based in Melbourne. The Borrower 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 8.70% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
• The Loan is secured by first registered mortgage, Director’s guarantee, and a General Security Agreement over the borrower.
• Interest for the initial 6 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 and is satisfied that they are financially capable of servicing a loan of this nature.
• The Loan Term is 12 months, subject to early or late repayment, from 6 November 2023 to 5 November 2024.

Investment Details

• Target Return

  8.7% net

• Loan to Value Ratio

  65%

• Term

  6 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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