The proposed development is located within Geelong, approximately 75 kilometres west of Melbourne CBD. The development is situated on the southwestern corner of Gheringhap Street and Bayley Street. Surrounding the proposed development is a mixture of low to medium-rise commercial buildings, retail and lifestyle amenity and organisations such as Worksafe Victoria’s Head Office, Deakin University, NDIS and Geelong City Council.
Education facilities close to the development include Matthew Flinders Girls Secondary College, St Mary’s Primary School and St John’s Lutheran School. Public transport, including bus and rail, is available at Geelong Railway Station, located approximately 150 metres to the west. Several bus routes operate along the surrounding streets. The Princes Highway is approximately 500 metres west of the site, which provides accessibility to the surrounding suburbs and the Princes Freeway.
The purpose of the Syndicate-Fund is to refinance an existing Syndicate-Fund (number 647), and to provide the Borrower time to finalise documentation and obtain pre-leases for the proposed development of a 13-storey office, café, gym, co-working accommodation and a rooftop bar at the property located at 12-18 Bayley Street & 16 Gheringhap Street, Geelong VIC 3220 (Security Property).
| Interest rate(p.a.) | 8.80% |
| Loan to value ratio (max.) | 65.00 % |
| Loan start date | 24 November 2023 |
| Expected completion date | 10 October 2024 |
| Initial debt coverage ratio | 0.00% |
| Updated debt coverage ratio | 0.00% |
| Undrawn loan amount | $0.00 |
