The proposed development is one kilometre east of the Melbourne CBD in. A retail amenity is provided via the Smith and Gertrude Streets retail strips within 150 Metres from the proposed development. The site is within two kilometres of primary, secondary and tertiary educational and recreational facilities. Fitzroy is a lively suburb with a bohemian reputation. Fitzroy’s eclectic bars and restaurants are popular with students, weekenders, and young professionals. Street art covers the narrow backstreets, where small galleries sit alongside corner pubs and terrace houses. Brunswick Street is a trendy retail and nightlife strip, while Gertrude Street is known for its design and art-supply stores, wine bars and buzzy eateries.
The proposed development is in the suburb of Fitzroy and comprises of 820spm of land that has three street frontages over a certificate of title.
The building will be demolished once the current tenant has vacated the property and the Borrower has finalised the building contact.
The purpose of the Syndicate -Fund is to assist with the refinance of the Syndicate-Fund 639.
| Interest rate(p.a.) | 9.00% |
| Loan to value ratio (max.) | 69.99 % |
| Loan start date | 07 March 2023 |
| Expected completion date | 30 December 2024 |
| Initial debt coverage ratio | 37.67% |
| Updated debt coverage ratio | 80.00% |
| Undrawn loan amount | $16,371,000.00 |
