The property at 2 Ayres Grove is situated in Mount Druitt, an outer western suburb of Sydney, part of Blacktown City Council. The development is 43 kilometres from the CBD and just 12 kilometres from both Penrith and Blacktown city centres. The area is predominantly residential and is characterised by a mix of older style detached clad and brick houses, strata title townhouses and modern low-medium rise residential buildings.
The property is within close proximity of a number of amenities. Mount Druitt railway station is located approximately 500 metres south-west from the property and bus services run along nearby Mount Street. Local shopping facilities are available at the shopping strip directly opposite the property and Westfield Shopping Centre Mount Druitt is situated 450 metres to the west. Several education institutions are close by including Colyton Primary School, Mount Druitt Primary School, Mount Druitt TAFE, Chifley College, Loyola Senior High School and Colyton High School.
The syndicate loan has been established to assist with the refinance of an existing loan facility and fund the development of a nine storey mixed use building comprising 58 residential units and two retail/commercial units above a two level basement car park.
The property comprises 58 x two bedroom x two bathroom units with living areas ranging from 71 to 132 square metres. The development houses a common residents' area and gym on the first floor. The units include open plan living areas that flow through to balconies and private terraces. Spacious bedrooms, abundant internal storage space and secure parking with lift access are features of the property.
Thirty presales have been achieved totalling approximately $11,229k (GST exclusive). This represents 56.15 percent peak debt coverage.
Estimated development progress as at 27 August 2019