The proposed development is located on the northern side of Belmont Street, Alexandria, a cul-de-sac street,
around five kilometres south of the Sydney CBD. Historically, Alexandria was an industrial suburb with
scattered residential terrace housing. However, in more recent years the suburb has been transformed
into a mixed-use suburb providing a variety of low to medium-density housing with scattered light
industrial premises.
Surrounding the development are older residential terraces and a mix of low older style attached and detached residential dwellings, more modern residential units and townhouse complexes, and older-style warehouse buildings. Retail facilities including Woolworths, specialty shops, cafes and food outlets are located approximately 300m away. The regional Marrickville Metro Shopping Centre is located about three kilometres away.
Erskineville and Green Square Train Stations are both located within 1.4 kilometres and Buses run along
nearby Mitchell Rd to Redfern Train Station and the CBD, as well as the Marrickville Metro Shopping
Centre.
Status of development
The development comprises an irregular shaped development site of 1,865.3sqm with a vacant older style warehouse building and land used for carparking.
The proposed development comprises the partial demolition of the warehouse building whilst retaining some of the industrial building elements including the front façade. The proposed development comprises a four-storey residential complex, comprising 23 dwellings over a single level basement.
The dwellings will consist of 4 two-bedroom apartments, 15 three-bedroom apartments, and 4 three-bedroom townhouses.
The site benefits from development approval issued by City of Sydney Council.
| Interest rate(p.a.) | 9.10% |
| Loan to value ratio (max.) | 58.42 % |
| Loan start date | 28 February 2023 |
| Expected completion date | 28 December 2024 |
| Initial debt coverage ratio | 0.00% |
| Updated debt coverage ratio | 0.00% |
| Undrawn loan amount | $14,313,000.00 |
