Narre Warren, VIC

A Master Plan approved residential development site currently operating as a caravan park

The Loan is secured by a first registered mortgage over a 41,368m² operating caravan park that is Master Plan approved for residential development and is located in Narre Warren, VIC, approximately 38km south east of the Melbourne CBD.

The purpose of the Loan was to refinance the property in advance of construction finance to develop it.

The Security Property is currently operating as the 'Casey Gardens Residential Village' caravan park and comprises of 157 serviced sites. Of these sites, between 100 and 110 are currently operational, with the remaining balance designated for future development.

The site has an overall Master Plan approval for medium density housing for about 500 dwellings, expected to developed over four (4) stages.

The Borrower submitted a planning permit application to council for Stage 1 proposing the development of 29 apartments, 30 car parks and 36 townhouses. The Borrower intends to begin presales once the Stage 1 permit is approved.

The Borrower is a large property development company with substantial experience in residential property investment and development. They have completed multiple projects across Melbourne in the past 10 years, which has culminated in a diversified portfolio and substantial net asset position.

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 68%.
• The Target Return is 9.15% 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 3 months of the Loan Term has been lodged on deposit with the Manager.
• The Loan Term is 18 months, subject to early or late repayment, from 10 January 2024 to 9 July 2025.

Investment Details

• Target Return

  9.15% net

• Loan to Value Ratio

  68%

• Term

  14 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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