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Property information

The property is located at 451-453 St. Kilda Street, in Elwood, an inner suburb located eight kilometres south of Melbourne’s Central Business District.

Elwood’s proximity to the bayside beaches makes it a perennially popular point of attraction during the summer months, with the shore being used by windsurfers, cyclists, runners, and walkers, alike. The area also features two primary schools, one secondary school, a sailing club, a triathlon club, an Australian Rules football club and a full-time lifesaving club. Elwood is served by several bus routes that connect the suburb to surrounding areas, as well as an interchange for the CBD in St. Kilda. Further to these transport links, Elwood has two railway stations (Ripponlea and Elsternwick) within 500 metres of its northern border.

Numerous waves of gentrification in the latter half of the 20th century have seen this formerly working class suburb become one of Melbourne’s most desirable bayside locations. Known for a mix of Victorian mansions, Art Deco properties, and Edwardian cottages, Elwood delivers for those who desire to be close to both the buzz of city life as well as the escape of the surf. The proposed development of fourteen residential apartments includes 1 x three bedroom + three bath, 6 x three bedroom + two bath, and 7 x two bedroom + two bath over a single basement with twenty-five car spaces available for residents.

With five apartments sold, the existing pre-sale debt cover is 52.4 percent (GST exclusive) and the loan is preconditioned to achieve a 60 percent pre-sale debt cover (GST exclusive), prior to initial drawdown of funds for construction purposes. There is also a pre-sale milestone of 80 percent debt cover (GST exclusive) to be achieved by 31 December 2019.

Property details

  • Syndicate No.
    529
  • Interest Rate (Net PA)
    8.00%*
  • Loan to Value Ratio (LVR)
    65.70%*
  • Start Date
    January 2019
  • Investment Term
    18 Months*
  • Property Type
    Residential - Construction

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Important Information

The interests in the Australian Unity Select Income Fund ARSN 091 886 789 are issued by Australian Unity Funds Management Limited ABN 60 071 497 115, AFS Licence No. 234454. Information provided here is general information only and current at the time of publication and does not take into account your objectives, financial situation or needs. In deciding whether to acquire, hold or dispose of the product you should obtain a copy of the Product Disclosure Statement (PDS) and seek professional financial and taxation advice. This information is intended for recipients in Australia only. Past performance is not a reliable indicator of future performance.

* Interest rates, Loan to Value Ratios (LVRs) and investment terms are subject to a number of assumptions and risk that are detailed in the PDS and SPDS. Interest rates quoted are not guaranteed.

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