This loan will be used to repay prior financing and cover initial development costs, including the demolition of existing buildings, excavation, shoring, site retention work, and municipal expenses.
Since the loan is solely for initial development costs and does not involve subsequent construction, the development risks and uncertainties are significantly reduced, which is expected to provide greater investment confidence for investors.
The land and its existing building units were purchased for AUD 44 million in early 2022. The project plans to demolish the old apartments and construct 9 new townhouses. Based on current market prices and the obtained Development Application Approval, the valuation is AUD 68 million. Upon completion of the construction, the valuation is expected to reach AUD 126 million.
*Available to Wholesale Investors only.
