The proposed development is located in the established suburb of Ivanhoe and is nine kilometres northeast of the Melbourne CBD. The Security Property is within the City of Banyule Local Government
Area. The surrounding development includes multi-level apartment developments to the north, with a
five-level complex located immediately to the north, while two-level townhouses are situated to the
south. Local retail amenity is situated on the opposite side of Heidelberg Road.
The property is situated 3km from Chandler Hwy and close to Ivanhoe Railway Station and bus services operating along Heidelberg Road. Several public and private educational institutions, including Ivanhoe Girls Grammar, Alphington Grammar School and Ivanhoe Primary School, are all within a 3km radius. Additionally, many local sporting and recreational reserves are close by, including at least four prominent golf clubs, the Ivanhoe Aquatic Centre, tennis clubs, and multiple nature reserves and parklands.
The purpose of the Syndicate-Fund is to assist with the acquisition of the proposed development located at 1023–1027 Heidelberg Road, Ivanhoe VIC 3079 followed by the construction of the proposed development.
The development consists of a five-level development of 41 residential apartments plus two levels of basement car parking. The apartments will consist of one, two and three-bedroom accommodation, each offering living two-level the range of 50 - 138 sqm (average 81 sqm), each complimented by private open space in the form of either a courtyard, balcony or terrace ranging between 8 - 77 sqm.
| Interest rate(p.a.) | 9.00% |
| Loan to value ratio (max.) | 69.95 % |
| Loan start date | 22 December 2022 |
| Expected completion date | 31 July 2024 |
| Initial debt coverage ratio | 22.90% |
| Updated debt coverage ratio | 55.84% |
| Undrawn loan amount | $10,885,000.00 |
