Open for Investment
Box Hill, VIC
The Loan is secured by first registered mortgages over three (3) adjoining double level office buildings, leased to a single tenant, with future development potential in Box Hill, VIC. The three (3) properties have a total land area of 1,219m2 zoned ‘Commercial 1 Zone’.
The suburb of Box Hill is located approximately 15kms east of the Melbourne CBD and the Security Properties are situated within the Box Hill Central Activities Area, characterised by a mix of commercial, retail, hospitality, educational and residential land uses. The precinct surrounding the site is undergoing progressive renewal, with a number of medium to high density developments planned or under construction.
A Planning Application has been lodged proposing a 15 storey office building development. The Borrower expects the application to be determined by the Victorian Civil and Administrative Appeals Tribunal (VCAT) by end of 2020.
The purpose of the Loan was to refinance a previous Balmain Discrete Mortgage Income Trusts (BDMIT) sub-trust known as the Ellingworth Parade Sub-Trust. The Borrower conducted the previous sub-trust in a prompt and punctual manner and in accordance with loan documentation.
The Borrower Group is well known to the Manager and is an experienced property development and investment group based in Melbourne, that has a significant net asset position.
Target Return (P.A. net)7.2%
Loan to Value Ratio50%
Term to Run (Mths)11 Mths
Minimum Initial Investment$10,000
All Current Investments.
All loans are credit approved before being offered to investors. All target returns are net of fees.
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