The property is 62.2 hectares in size and situated in the north-western corner of 105 & 125 Hardys Road and 415 Tuckers Road, Clyde North, Victoria, 3978. Located approximately 54kms south-east of Melbourne CBD and accessible via the M1 Freeway, the site is positioned 5km from Cranbourne Railway Station and close to schools, as well as retail and recreational facilities.
The site has been identified as suitable for Commercial/Residential mixed-use development, via the Thompsons Road Precinct Structure Plan. There has been significant residential development in the past three to five years. At present time, Hardys Road is being upgraded, with the road currently closed while works are completed. Tuckers Road upgrade is now complete, including signalisation at the intersection to the eastern boundary of the property.
There is currently a moderate supply of vacant lots in the immediate area, however areas such as Clyde North are in the Greenfield development corridor and there is a growing level of supply which is anticipated to peak over the next 2-3 years.
The purpose of the Syndicate-Fund is to refinance an existing Syndicate-Fund (number 614), and to
provide funding for works at the properties located at 105 and 125 Hardys Road and 415 Tuckers
Road, Clyde North, VIC, 3978 (‘Security Property’) to assist with the following:
• Refill of the remaining quarry site back into developable land as part of the Precinct
• Structure Plan (PSP); and
• Assist with the land holding cost.
| Interest rate(p.a.) | 8.60% |
| Loan to value ratio (max.) | 15.31 % |
| Loan start date | 20 December 2023 |
| Expected completion date | 26 November 2024 |
| Initial debt coverage ratio | 0.00% |
| Updated debt coverage ratio | 0.00% |
| Undrawn loan amount | $5,714,000.00 |
