The proposed development is in South Yarra and is approximately 6 kilometres south-east of the Melbourne CBD. The purpose of the development is to assist with the refinancing of the existing loan facility with a third-party lender, secured against the property located at 41-53 Walsh Street, South Yarra VIC 3141 and to provide the Borrower time to finalise documentation for a future development.
The development comprises a broadly regular shaped site situated on the western side of Walsh Street, within the prestigious ‘Domain Precinct’ of South Yarra located approximately 6 kilometres southeast of the Melbourne CBD.
Erected on the development are two three-storey 1960’s apartment blocks consisting of 24 individual 1-bedroom units with rear external parking. The development comprises a total of 48 certificates of title, with 24 being for individual apartments and the remaining 24 being individual car park titles. The Borrower has acquired the entirety of the lots in the plan of subdivision, and is in a position to consolidate the entirety of the land, including the common property, and then re-subdivide the entire land area of 1,502sqm.
| Interest rate(p.a.) | 8.75% |
| Loan to value ratio (max.) | 65.00 % |
| Loan start date | 01 December 2023 |
| Expected completion date | 30 August 2024 |
| Initial debt coverage ratio | 0.00% |
| Updated debt coverage ratio | 0.00% |
| Undrawn loan amount | $410,000.00 |
