The property is located in one of Melbourne’s most desired inner-east locations, just 6kms from Melbourne CBD and within close proximity to the High Street retail strip, transport services, recreational reserves and facilities as well as educational institutions.
This Syndicate-Fund has been established to assist with the refinance of a land facility from another lender and to provide the Borrower time to finalise documentation prior to commencing construction. The loan to value ratio of 65.00% has been calculated using the “as is value” in the valuation report completed by Savills Australia dated 10 February 2020 of $5,600,000 GST exclusive. A loan term of 6 months is required, with the proposed loan facility expected to be repaid by way of refinance by Australian Unity or another lender through a construction loan facility.
A Planning Permit is in place and the Borrower intends to develop a project known as the ‘Armadale Manor’. The collection of three-bedroom apartments will demonstrate renowned architect Rob Mills commitment to modern luxury and forward-thinking design. With a focus on rich, layered interior spaces, ‘Armadale Manor’ sets a new benchmark for design excellence and premium quality with engineered oak flooring, natural stone, custom timber veneer kitchen cabinetry, Astra Walker tapware fittings and premium grade Gaggenau kitchen appliances, wine cellars and gas fire places.
Each light-filled residence will also feature ducted split system air-conditioning, free-to-air tv, a video security intercom system, security zoned lifts to all apartments and access to a shared basement carpark.
Estimated development progress as at 18 February 2020