The proposed development is located on the southern side of Inkerman Street and the Eastern side of Lyell Street, in the suburb of St Kilda which is approximately 6 kilometres south-east of Melbourne’s CBD. The proposed development will consist of a 7-storey mixed-use building with six office suites across levels 1 – 6, two ground floor retail spaces and 26 car stacker spaces.
St Kilda is a well-regarded suburb with established medium to high density residential and commercial development. St Kilda benefits from direct bay access to St Kilda beach and includes an extensive public transportation network complimented with a number of retail amenities and infrastructure. Properties in the immediate vicinity of the Proposed Development comprise mostly of low to medium rise office, retail, and residential buildings.
The proposed development benefits from its direct access to the Nepean Highway/St Kilda Road and Barkly Street, two major arterial roads, with Nepean Highway providing a tram stop approximately 120 metres to the northeast. The closest train station is Balaclava train station, which is approximately one kilometre southeast of the proposed development, whilst the closest major retail strip can be found on Fitzroy Street, around 800 radial metres northwest. St Kilda Primary, St Kilda Park Primary, St Michael’s Grammar, St Mary’s Primary and St Mary’s College are all within a three-kilometre radius of the proposed development.
| Interest rate(p.a.) | 9.30% |
| Loan to value ratio (max.) | 69.68 % |
| Loan start date | 01 February 2024 |
| Expected completion date | 30 September 2025 |
| Initial debt coverage ratio | 5.25% |
| Updated debt coverage ratio | 5.25% |
| Undrawn loan amount | $12,152,000.00 |
