Kembla Grange, NSW

Residential

This Loan refinanced the Sheaffes Road No. 2 Sub-Trust and released equity to assist the Borrower with the acquisition of a future industrial development site in Shellharbour, NSW. The Borrower conducted the previous Sub-Trust in a prompt and punctual manner and in accordance with Loan documentation and Investors in the previous Sub-Trust have been fully repaid. The Manager undertook a new credit assessment and renewed the loan for a further Term with Loan documentation containing new Loan terms and conditions.

The Loan is secured by a first registered mortgage over a residential property situated on 9.611ha of land zoned R3 Medium Density Residential and identified for future redevelopment. The property is located in Kembla Grange, NSW, which is located 14kms south-west of the Wollongong CBD, 94kms south of Sydney and has plans for major changes in the immediate future as part of the West Dapto Urban Release Area.

The Borrower intends to undertake a residential subdivision comprising 102 standard residential lots and two (2) medium density super lots. The Borrower has lodged a Development Application and a decision from Council is expected early 2020.

The Borrower Group is a long-term client of the Manager and has undertaken substantial and numerous property development projects in Wollongong over the past 25 years.

Investment Details

• Target Return (P.A. net)

  7.05%

• Loan to Value Ratio

  55%

• Term to Run (Mths)

  11 Mths

• Minimum Initial Investment

  $10,000