The proposed development is located in Newport which is mostly a residential suburb situated approximately 26 kilometres north-east of the Sydney CBD. The development is within the Northern Beaches Local Government Area. The surrounding developments are low-density residential dwellings with residential apartment buildings varying in age.
Retail amenities are located approximately 500m away at the Barrenjoey Road retail strip while the Warriewood Square Shopping Centre is located about seven kilometres away. There is a bus stop 500m away with regular bus services running from the Newport retail strip along the Northern Beaches and to the Sydney CBD.
The development comprises a regular shaped development site, 1,669 sqm in size, situated on the south-east side of Ocean Avenue. The development currently has three older-style residential dwellings which are in average condition.
The purpose of the Syndicate-Fund is to assist with the acquisition of 11-17 Ocean Avenue, Newport, NSW followed by the construction of the proposed development.
The proposed development consists of a three-level development of nine residential apartments with Basement-level car parking. The apartments are all three-bedroom accommodation, each offering living areas in the range of 140 - 147 sqm (average 142 sqm), each complimented by private open space in the form of either a balcony or terrace ranging between 12 - 264 sqm.
| Interest rate(p.a.) | 9.20% |
| Loan to value ratio (max.) | 65.00 % |
| Loan start date | 04 April 2023 |
| Expected completion date | 31 March 2025 |
| Initial debt coverage ratio | 18.91% |
| Updated debt coverage ratio | 18.91% |
| Undrawn loan amount | $7,960,000.00 |
