Toorak, VIC

Two level commercial building – Permit Approved for mixed use development

The Loan is secured by a first registered mortgage over a 2 level commercial building permit approved for a major mixed-use redevelopment located in Toorak, VIC.

The Security Property is located in Toorak, VIC, one of Melbourne’s most prestigious suburbs and situated 5kms south east of the Melbourne CBD.

The Security Property comprises a 2 level building with a retail arcade and office suites with significant passing income. The site is a 2,658m2 land parcel zoned ‘Commercial 1 Zone’ and the property has a Planning Permit approval to undertake a significant mixed-use development.

The proposed development is an Elenberg Fraser designed building that will comprise a total of eight (8) levels with ground floor supermarket and retail shops, first floor food and beverage premises, and six (6) levels of office space and basement car parking. The Borrower has secured a pre-commit to lease with Coles Supermarkets for a 1,481m2 supermarket on the ground floor and level 1 of the proposed development.

The Borrower Group is a joint venture between a major Melbourne based developer and a significant construction company.

  • The Loan was advanced at a Loan to Value Ratio of 60%.
  • The Target Return is 6.75% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
  • The Loan is supported by multiple guarantees and General Security Agreements.
  • The Loan Term is 18 months, subject to early or late repayment, from 12 October 2020 to 11 April 2022.
  • Interest for the initial 12 months of the Loan Term has been lodged on deposit with the Manager.

Investment Details

  • Target Return
    6.75% net
  • Loan to Value Ratio
  • Term
    14 Months
  • Minimum Initial Investment

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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