Located at 7 Sloane Street in Maribyrnong, the property is eight kilometres north-west of the Melbourne CBD. The size of the land is 556 square meters and has been cleared of all previous buildings and currently contains a display suite on site. It is contained within in a single Certificate of Title. The proposed development consist of 36 apartments and one retail space will be constructed over 10 levels and situated above basement carparking.
The mix of apartments consists of 13 x one bedroom, 17 x two bedroom and 6 x three bedroom apartments. Each apartment includes an open plan kitchen, living and dining areas, while all bedrooms will have a natural source of light. The apartments will have an average living area of 70 square metres, while having an average outdoor space of 14 square metres in the form of a balcony. Each apartment will include one car space and a storage cage at basement level, except for apartments 204, 205 and 305, which will not have a car space. The development will include a rooftop garden area, 44 bicycle racks and a multi-purpose room on the mezzanine level. The retail premise will be situated on the ground level of the development, which will measure 196 square metres, with one car space provide in the basement. The retail premise will also include an additional mezzanine level.
The property is located 250 meters east of the with Highpoint Home maker centre 550 metres to the north. The immediate surrounding comprises light industrial warehouses and bulky goods developments with residential properties consisting of both single level dwellings and multi-level apartments.
A number of educational institutions are within a three kilometre radius of the Security Property which includes Maribyrnong College, Footscray North Primary School, St Margaret’s Primary School, Footscray High School, Avondale Primary School and Ave Maria College. Recreational facilities within a 1.5 kilometre radius include Maribyrnong Aquatic Centre, Robert Barret Reserve and Maribyrnong River Trail.
Public transport services are available via bus services operating along Rosamond Road, Williamson Road and Hampstead Road within 300 metres to the south-west of the Security Property. Tram services operate along Raileigh Road, Rosamond Road and Williamson Road with a tram stop within 450 metres. The Ascot Vale railway station is four kilometres to the east.
The purpose of the Syndicate-Fund is to assist with the construction of 36 apartments and one retail space of 196 sqm over ten levels, with one level of basement car parking in the form of car stackers at 7 Sloane Street, Maribyrnong, VIC, 3032.
| Interest rate(p.a.) | 14.35% |
| Loan to value ratio (max.) | 68.75 % |
| Loan start date | 28 March 2022 |
| Expected completion date | 27 February 2024 |
| Initial debt coverage ratio | 33.11% |
| Updated debt coverage ratio | 33.11% |
| Undrawn loan amount | $0.00 |
