First Mortgage Pre-Development South Melbourne

Pallas Capital invites eligible investors to participate in this First Mortgage Pre-Development investment opportunity located in South Melbourne, an inner-city suburb in Melbourne.

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7.0% p.a.
Investor return net of all fees paid monthly in arrears
9 months
Loan term, with an anticipated maturity date of April 2022
65% LVR
Of the ‘as is’ Market Value

Project Details

To assist with the acquisition of the Security Property, and to allow time for the Sponsors to undertake the development planning activities including building tender and leasing campaign; and to fund the pre-paid interest, costs and fees under this proposed Loan. The Development will comprise of a six storey building comprising five levels of commercial office accommodation over the basement and ground floor retail spaces with a car stacker parking system for 22 vehicles.

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01
Investment
$5.2m First Mortgage Pre-Development Loan. The Loan will be funded by the issuance of First Mortgage Class A Units and First Mortgage Class B Units.
02
Security
First Registered Mortgage over the Security Property; First Registered General Security Agreement over the Borrower; Corporate Guarantee provided by the unitholders of the Borrower; and Personal Guarantee provided by the Personal Guarantors
03
Exit Strategies
Primary: Refinance with a Construction Facility; Alternative: Refinance with another Land Facility; or Sale of Security Property

The Location

The property is located within the premium city fringe suburb of South Melbourne, approximately 3km south of the Melbourne CBD.

The development benefits from close proximity to the Clarendon Street retail strip with the South Melbourne Market nearby, providing an eclectic mix of restaurants, cafés and shopping. Recreation reserves and facilities in close proximity include the Lakeside Stadium, Albert Park Lake, Royal Botanic Gardens, Albert Park Golf Course and Fawkner Park.

 

Nearby Amenities
1) Park Lane Café
2) Clarendon Street Retail Precinct
3) Melbourne Sports Centres
4) Anzac Railway Station

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