Mildura, VIC

Permit approved multi-lot residential subdivision site

The Security Property comprises a 5.739ha permit approved multi-lot residential subdivision site located in Mildura, VIC, approximately 5km south west of the Mildura CBD. Mildura is approximately 550km north west of Melbourne in what is known as the Sunraysia region of the Murray-Darling Basin.

The purpose of the Loan was to refinance the existing Balmain Discrete Mortgage Income Trusts (BDMIT) sub-trust known as the Walnut Avenue Sub-Trust. The Borrower conducted the previous sub-trust in a prompt and punctual manner.

Mildura is a large regional centre supported by a strong agriculture and manufacturing industry with over 5,300 businesses and a workforce of approximately 24,500. The main industries in the Mildura region are tourism, agriculture, equipment manufacturing and transport supplies, fruit and nut growing and processing, food manufacturing and health care services.

The city is a major transport hub on the iconic Murray River and has the busiest regional airport in Victoria with daily flights to Melbourne, Sydney and Adelaide. The Mildura region has a population of over 80,000 which is expected to reach close to 100,000 by 2024.

A Planning Permit for this site was approved by Mildura Rural City Council in February 2022. The proposed development will include 67 residential lots developed over three (3) Stages, with lots ranging from 346m² to 1,015m² in size.

The Director has substantial experience in residential property investment and development, as CFO of a large Sydney based residential developer.

The Borrower Group is well known to the Manager who has provided prior 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 9.70% 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 9 months, subject to early or late repayment, from 23 February 2024 to 22 November 2024.

Investment Details

• Target Return

  9.7% net

• Loan to Value Ratio

  60%

• 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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