The proposed development is located in Coogee which is a predominantly residential suburb situated approximately 8 kilometres south-east of the Sydney CBD. The development is within the City of Randwick Local Government Area. The surrounding development includes older-style retail and mixed-use development together with residential apartment buildings varying in age. Retail amenities are located approximately 800m away at the Randwick retail strip while the Westfield Bondi Junction is about three kilometres away. There is a bus stop 80m from the site and light rail starts at the Randwick retail strip and travels to the Sydney CBD. Coogee Beach is approximately one kilometre away.
The purpose of the Syndicate-Fund is to assist with the acquisition of 201-207 Carrington Road, Coogee, NSW followed by the construction of the proposed development. The proposed development consists of a three-level development of 20 residential apartments with basement-level car parking. The apartments will consist of one, two and three-bedroom accommodation, each offering living areas in the range of 50 - 113 sqm (average 82 sqm), each complimented by private open space in the form of either a courtyard, balcony or terrace ranging between 10 and 205 sqm.
The property comprises a regular shaped development site, 2,251 sqm in size, situated on the eastern side of Carrington Road. The Security Property currently comprises three older-style residential dwellings and an older-style residential apartment building.
| Interest rate(p.a.) | 9.20% |
| Loan to value ratio (max.) | 65.00 % |
| Loan start date | 31 March 2023 |
| Expected completion date | 28 January 2025 |
| Initial debt coverage ratio | 31.00% |
| Updated debt coverage ratio | 85.27% |
| Undrawn loan amount | $12,102,000.00 |
