Richmond, VIC

Residential apartments

The Security Property comprises a residential apartment building with ground floor retail unit and three (3) levels of basement parking, located in the popular city fringe suburb of Richmond, VIC, approximately 4km south east of the Melbourne CBD.

The purpose of the Loan was to refinance the construction loan utilised to complete building works.

The Security Property comprises a 7 level residential building with 38 apartments and a ground level retail shop over three (3) levels of basement parking. The apartments include a mix of 1, 2 and 3 bedroom accommodation and there are 39 car spaces providing each apartment and the retail unit with one (1) single car space each. 

The site is zoned ‘Commercial 1 Zone (C1Z)’ under the Yarra City Council Planning Scheme. The surrounding development comprises a mix of low to medium rise structures of varying ages and uses.

The Borrower has substantial experience in both residential and commercial property investment and development. They have a significant property portfolio which comprises retail and industrial properties.

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 60%. 
• The Target Return is 8.95% 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 6 months of the Loan Term has been lodged on deposit with the Manager. 
• The Loan Term is 12 months, subject to early or late repayment, 11 January 2024 to 10 January 2025.  

Investment Details

• Target Return

  8.95% net

• Loan to Value Ratio

  60%

• Term

  8 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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