Fully Invested

South Coogee and Randwick, NSW

Ocean-front residential property and block of four (4) residential units

The Loan is secured by first registered mortgage over an ocean-front residential property located in the coastal suburb of South Coogee, NSW, and a block of four (4) 2 bedroom apartments located in Randwick, NSW, approximately 6km south east of the Sydney CBD.

The purpose of the Loan was to refinance existing debt over the South Coogee property, and assist with the purchase of the Randwick property.

The South Coogee property comprises an ocean-front 582m2 block that is improved by a split-level residence comprising 3 bedrooms, 2.5 bathrooms, and a single lock up garage. The site benefits from south and south easterly Pacific Ocean views, positioning near local shops and restaurants and is within 500m of a bus service that runs to the CBD.

The Randwick property comprises a 423.6m2 block that is improved by a circa 1960’s 2 storey walk-up ‘Torrens Title’ residential flat building containing four 2 bedroom, 1 bathroom home units and 4 single lock up garages. Three (3) units are tenanted on month-to-month contracts and one (1) is on a current tenancy agreement due to expire in December 2021.

The Borrower intends to subdivide the block into three (3) 2 bedroom and one (1) 3 bedroom apartment and sell each apartment individually.

Shopping facilities are available at Perouse Road within 500m of the property, with Westfield Bondi Junction Shopping Centre approximately 3.7km to the north.

The Borrower is a Director of an established property development company that specialises in medium and high density apartment projects.

  • The Loan was advanced at a Loan to Value Ratio of 58%.
  • The Target Return is 5.25% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
  • The Loan is supported by an unlimited personal guarantee from the sole Director, and a General Security Agreement over the Borrower.
  • Interest for the Loan Term is lodged on deposit with the Manager.
  • The Loan Term is 18 months, subject to early or late repayment, from 3 November 2021 to 2 May 2023.

Investment Details

  • Target Return
    5.25% net
  • Loan to Value Ratio
    58%
  • Term
    16 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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