The proposed development is in Cremorne within the main commercial precinct of Cremorne and Richmond and is 2.5 kilometres south-east from the Melbourne CBD (by road). The development is positioned to the western corner of Stephenson and Cubitt Street with additional frontage to Dover Street and is near the main route of Swan Street, which runs east to west and borders Cremorne and Richmond.
Cremorne is largely a mixed-use suburb, with a blend of commercial and light industrial development, low to medium density residential and retail amenity. Within the developments surroundings are a mixture of low-to-medium rise commercial and retail developments. Broader surrounding developments predominately comprises low and medium density residential housing of varying eras and quality. Richmond Primary School, Melbourne High School and Melbourne Girls' Grammar School - an Anglican School are education facilities in the area.
The purpose of the Syndicate-Fund is to assist with the refinance of land facility from another financier for the proposed development located at 4-6 Cubitt Street & 13 Dover Street Cremorne VIC 3121 followed by construction of the proposed development. The development consists of a ten-level mixed use development of eight offices, a lobby and communal gym/yoga area, ground level retail, a rooftop terrace and three levels of basement carpark.
| Interest rate(p.a.) | 8.90% |
| Loan to value ratio (max.) | 64.88 % |
| Loan start date | 01 December 2022 |
| Expected completion date | 30 June 2024 |
| Initial debt coverage ratio | 0.00% |
| Updated debt coverage ratio | 0.00% |
| Undrawn loan amount | $3,219,000.00 |
