Wollongong, NSW

Predominately Residential Development Site

The Loan is secured by first mortgage over a high profile residential development site located in Wollongong, NSW, close to the Wollongong CBD and approximately 80km south of Sydney.

The purpose of the Loan was to assist with the acquisition of the Security Property.

A Development Application (DA) is to be lodged with Wollongong City Council for the construction of a staged mixed-use complex consisting of three (3) lifted buildings (one (1) x 8 storey, two (2) x part 8 and part 9 storey) comprising of 451 home units & eight (8) retail/commercial suites with a ground and level 1 car park for 532 vehicles.

The Borrower Group comprises of an established licensed builder, a significant property developer and investor, and an experienced development manager.

• The Loan was advanced at a Loan to Value Ratio of 64%.
• The Target Return is 9.20% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
• The Loan is supported by multiple limited and several personal guarantees and multiple joint and several corporate guarantees and a General Security Agreement over the borrower and related corporate entities.
• Interest for the Term of the Loan has been lodged on deposit with the Manager.
• The Loan Term is 12 months, subject to early or late repayment, from 21 March 2024 to 20 March 2025.

Investment Details

• Target Return

  9.2% net

• Loan to Value Ratio

  64%

• Term

  10 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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