The proposed development is in Cremorne within the main commercial precinct of Cremorne/Richmond and is located 2.5 kilometres from the Melbourne CBD. The development is positioned to the southern side of Adolph Street and northern side of Pearson Street close to the main route of Church Street, which runs south to north through Cremorne and Richmond.
Cremorne is mostly a mixed-use suburb, with a blend of commercial and light industrial development, low-to-medium residential and retail amenities. Around the proposed development’s surroundings are a mixture of low-to-medium commercial and retail developments. The surrounding area comprises of residential housing from various eras. Richmond Primary School, Melbourne High School and Melbourne Girls' Grammar School - an Anglican School are education facilities in the area.
On completion of the development, the proposed development will comprise strata commercial offices over six levels, with retail café on the ground level and basement and ground floor car parking for approximately 24 vehicles. Car parking will be allocated to each individual tenancy.
| Interest rate(p.a.) | 8.90% |
| Loan to value ratio (max.) | 68.50 % |
| Loan start date | 19 October 2022 |
| Expected completion date | 18 May 2024 |
| Initial debt coverage ratio | 38.58% |
| Updated debt coverage ratio | 64.10% |
| Undrawn loan amount | $14,134,000.00 |
