The proposed development comprises an irregular shaped site located in Lilydale, 32 kilometres north-east
of the Melbourne CBD. It’s located 250 metres west of the Main Street retail strip anchored by a Coles Supermarket and various specialty and food and beverage retailers. The marketplace is located 900 metres to the southeast and is anchored by Woolworths and Aldi supermarkets. The area is characterised by low-density residential housing interspersed with medium-density townhouse developments.
Several educational institutions are within a one-kilometre radius, including Lilydale West Primary School, Lilydale Primary School, and Lilydale High School. Recreational facilities within 1.5 kilometres include Old Pound Reserve, Nelson Road Reserve, Poyner Reserve, Lilydale Football Club and Lilydale Outdoor Pool. Public transport services are available via bus services operating along Maroondah Highway, which is 200 metres to the east of the proposed development. Lilydale Station is situated 650 metres to the east.
The purpose of the Syndicate Fund is to refinance and increase the existing loan facility (Syndicate–Fund 618). Syndicate-Fund 618 was to assist with the refinance of an existing land debt facility from another financier and to finance the development of 16 double-storey townhouses at 25 Albert Hill Road, Lilydale VIC 3140 (Security Property).
The new loan facility (Syndicate-Fund 651) is required to cover increased construction costs caused by the COVID-19 pandemic regarding the supply of building materials and the shortage of trade resources (refer to ‘Status of development’ below).
| Interest rate(p.a.) | 13.85% |
| Loan to value ratio (max.) | 70.00 % |
| Loan start date | 31 January 2023 |
| Expected completion date | 30 June 2023 |
| Initial debt coverage ratio | 27.69% |
| Updated debt coverage ratio | 27.69% |
| Undrawn loan amount | $0.00 |
