The proposed development is in Windsor and is approximately 7 kilometres South-East of the Melbourne CBD. The development is located on the southern side of High Street, northern side of Victoria Street and is approximately 150 metres to the Chapel Street, High Street, and Windsor shopping strips. This area mostly features fashion retailers and a variety of restaurants and cafes. The surrounding developments comprise a diverse mix of architectural styles, consisting of low to medium density residential and retail amenities.
The purpose of the development is to assist with the refinancing of 196-206 High Street Windsor VIC (Security Property) followed by construction of the proposed development. The development consists of three retail tenancies on the ground level, six office levels (ground to level five) and 76 car spaces over two levels of basement. The total Net Lettable Area of the proposed development will be approximately 7,473sqm upon completion of the development.
The development is approximately 1 kilometre north of Queens Way, which extends into the Princes Highway arterial road. The area is well-connected in terms of public transport with Prahran railway station situated approximately 650 metres to the northwest of the development and the Windsor railway station approximately 600 metres to the southwest. The nearest tram stops are approximately 160 metres to the west of the development, with trams operating along High Street and along Chapel Street.
| Interest rate(p.a.) | 9.35% |
| Loan to value ratio (max.) | 62.00 % |
| Loan start date | 14 December 2023 |
| Expected completion date | 22 January 2026 |
| Initial debt coverage ratio | 0.00% |
| Updated debt coverage ratio | 0.00% |
| Undrawn loan amount | $50,982,000.00 |
