The property is located within the established suburb of Northcote, approximately 5.8 kilometres north-east of Melbourne’s Central Business District. The subject property is in close proximity to a range of amenities including All Nations Park (400 metres), Northcote Shopping Plaza (200 metres) and Northcote station (300 metres).
The railway station is served by the Mernda railway line, which also connects with Merri and Croxton stations, located in the area. Westgarth and Dennis railway stations are also in Northcote, being served by the Hurstbridge railway line. With a rich history spanning 150 years, Northcote High Street is home to an eclectic mix of bars, cafes and restaurants, as well as retailers including an array of boutique independent designers, working in areas such as fashion, furniture and jewellery.
Several sporting teams can be found in the area, across a variety of disciplines including but not limited to soccer, swimming, cricket, football, and bowls, along with no less than five primary schools (all co-ed) and a two high schools (one co-ed).
The Syndicate-Fund will have first mortgage security over the property and its existing improvements. A Planning Permit is in place and the Borrower intends to develop a project known as ‘1888 Northcote’. The proposed development is a six-level residential apartment building comprising 23 apartments with a mix of 1,2 and 3 bedrooms, commercial units on ground floor and 2 levels of basement parking.
Estimated development progress as at 06 August 2019