The property is located on the north-eastern corner of the intersection of Clarendon Street and Bank Street within the inner-city fringe suburb of South Melbourne, one kilometre south of the Melbourne CBD at 305 & 307-309 Clarendon Street, South Melbourne, VIC 3205. The property is within close proximity to a number of major arterial roadways including Kings Way and the West Gate Freeway. There are tram services accessible from Clarendon Street which provide access to the Melbourne CBD.
The property benefits from close proximity to local retail amenity, including the Clarendon Centre which is anchored by a Coles Supermarket and the South Melbourne Market, and South Melbourne Central which is anchored by a Woolworths Supermarket and Aldi, less than 500 metres north-west.
There are a number of primary, secondary, and tertiary education facilities (South Melbourne Primary School and The MacRobertson Girls High School) within a five-kilometre radius of the property. The Alfred Hospital is located four kilometres to the south east. There are a number of parks within a five-kilometre including the Royal Botanic Gardens and Albert Park.
The design objective is to protect the distinctive heritage qualities of this Victoria era shopping strip and ensure the development complements the scale of heritage buildings in the area with a quality level of fittings and finishes and workmanship throughout.
The purpose of the Syndicate-Fund is to assist with the construction of a seven-storey commercial office building with a net lettable area of 2,037sqm and one level of basement car parking (11 stacker car parking bays) at the property. Upon completion of the construction the Borrower intends to retain the property for investment purposes.
| Interest rate(p.a.) | 9.50% |
| Loan to value ratio (max.) | 59.59 % |
| Loan start date | 23 September 2021 |
| Expected completion date | 22 October 2023 |
| Initial debt coverage ratio | 0.00% |
| Updated debt coverage ratio | 0.00% |
| Undrawn loan amount | $516,000.00 |
