Beveridge, VIC

Permit approved residential development site

The Loan is secured by a first registered mortgage over residential development land in Beveridge, VIC. Beveridge is an emerging suburb approximately 55km north of Melbourne CBD.

The purpose of the Loan was to acquire the Security Property. The Security Property comprises 140ha (128ha developable) of residential land and allows for a new community of approximately 1,600 homes and 5,000 residents.

The Master Planned development of the Security Property includes a primary school, secondary school, shopping centre, town centre, community parks and the future Beveridge train station. Stage 1 of the project has received development approval for 365 residential lots.

The Borrower has on-sold the Security Property to a major ASX listed Australian property development company which has an investment grade credit rating of A- from S&P.  The sale is via a Terms Contract with lump sum payments to be made annually and final settlement in 2028. The purchaser is also required to pay the Borrower each month for access to develop the site. The Borrower has received the deposit and is contracted to receive the next lump sum payment by Loan expiry, which will repay the subject Loan.

The Borrower Group has been a long-term client of the Manager and has conducted all previous borrowings in a prompt and punctual manner.

Investment Details

• Target Return (P.A. net)

  6.35%

• Loan to Value Ratio

  51%

• Term to Run (Mths)

  2 Mths

• Minimum Initial Investment

  $10,000