Coffs Harbour, NSW

DA Approved Development Site

The purpose of the Loan was to refinance a previous Balmain Discrete Mortgage Income Trusts (BDMIT) sub-trust known as the North Boambee Road No. 4 Sub-Trust. The Borrower conducted the previous sub-trust in a prompt and punctual manner.

The Loan is secured by first registered mortgage over a substantial land holding comprising 63.76ha located in Coffs Harbour, NSW, approximately 4km south west of the Coffs Harbour CBD and approximately equal distance from Port Macquarie to the south and Yamba to the north (130-150km). The site has a useable area of 36.1237ha.

The Security Property is located within one of the main residential ‘release areas’ in the southern part of the Coffs Harbour LGA, specifically within the North Boambee Valley West Release Area which will sit on the western side of the proposed Coffs Harbour bypass and will, once approved, provide circa 820 new residential lots, a new neighbourhood park and an environmental conservation area.

In October 2023, a Development Application (DA) approval was issued by Coffs Harbour City Council for subdivision of one (1) lot into two (2) and demolition of existing buildings. The approved plans identify a 21.24ha rural lot, an 8.47ha manufactured home estate lot and a 34.6ha residential super lot (future residential development).

A further development application is currently before council for a Manufactured Home Estate comprising 172 dwelling sites and ancillary communal facilities, seven (7) display homes and a sales office.

The Borrower has recently sold its interests in over 30 retirement villages across QLD, NSW, VIC, and TAS.

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 50%.
• The Target Return is 10.15% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
• The Loan is supported by joint and several guarantees and a General Security Agreement over the Borrower.
• Interest for the Term of the Loan has been lodged on deposit with the Manager.
• The Loan Term is 9 months, subject to early or late repayment, from 14 March 2024 to 13 December 2024.

Investment Details

• Target Return

  10.15% net

• Loan to Value Ratio

  50%

• Term

  7 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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