The proposed development is in Kooyong and is approximately 10 kilometres from Melbourne’s CBD. The development is located around 480 metres north-west of a Kooyong retail shopping strip and 2.1km from the Toorak Village retail strip. The Hawthorn East Shopping Centre is approximately 700 metres east from the development.
There are several primary and secondary educational institutions are within a 2km radius, including St Kevin’s College, De La Salle College, St Josephs School, Loreto Mandeville Hall, Bialik College, Lauriston Girls’ School, Scotch College, St Catherine’s School, and The King David School. Tertiary education facilities located within a 3.7km radius include Melbourne Polytechnic Prahran Campus, Swinburne University Hawthorn Campus and University of Melbourne Parkville Campus. Parks and recreation facilities within 1km include Fairbairn Reserve, Burnley Oval and Orrong Park.
Public transport services are available via bus services operating along Tooronga Road, located about 950 metres east of the development. Tram services operate on Glenferrie Road and Toorak Road which are within 200 metres. The nearest train station is Kooyong which is approximately 400 metres away. The closest major arterial is the Monash Freeway and is located within 2km and accessible via Toorak Road.
Overall, development is within a residential location, which is complementary to the proposed residential development, being in close proximity to local retail amenity and public transport infrastructure.
Status of development
The development of 16 luxury residences (apartments) will be constructed over three levels and will be situated above a single level of basement car parking. The development mix will consist of 2 bedroom/ 2 bathrooms, 3 bedrooms/ 2 bathrooms and 3 bedrooms/ 4 bathrooms. The average living area is 162 sqm and the average external outdoor space is 60 sqm in the form of terraces and balconies.
The purpose of the Syndicate-Fund is to assist with the construction of 16 luxury residential apartments over three levels plus a single level of basement car parking at 709 – 713 Toorak Road, Kooyong, VIC.
| Interest rate(p.a.) | 9.00% |
| Loan to value ratio (max.) | 62.25 % |
| Loan start date | 17 October 2023 |
| Expected completion date | 16 October 2025 |
| Initial debt coverage ratio | 11.47% |
| Updated debt coverage ratio | 32.21% |
| Undrawn loan amount | $13,822,000.00 |
