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.
First Mortgage Pre-Development South Melbourne
6.75%
p.a.
Investor return net of all fees paid monthly in arrears
12
months
Loan term, with settlement completed August 2021
65%
LVR
Of the ‘as is’ Market Value as per the latest valuation of the Security Property
Project Details
The purpose of the loan will be used to settle the acquisition of the Security Property; and fund pre-paid interest for nine months and the loan establishment costs.
The Proposed Development scheme will see a total NLA of about 4,660sqm comprising: ground floor retail (45sqm NLA), 17 levels of office space (4,615sqm NLA), rooftop terrace (200sqm) and four levels of basement with parking for 18 vehicles (including car stackers) and end of trip facilities. Construction is yet to commence with an estimated Practical Completion date of late 2023.
01
Investment
$3,787,500 based on an ‘as is’ Market Value of $5,050,000 (excl. GST).
02
Security
First Registered Mortgage; General Security Agreement over Borrower /
Mortgagor; Sponsor Family Trust and Personal Guarantees
03
Exit Strategies
First: Refinance with a Construction Loan.
Second: Refinance with a Land-Bank Loan.
Third: Sale of the 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) The Kettle Black Café
2) Anzac Railway Station
3) Royal Botanic Gardens
4) Clarendon Street Retail Precinct
2) Anzac Railway Station
3) Royal Botanic Gardens
4) Clarendon Street Retail Precinct
Speak to one of our advisors to
discuss which of our current
range of opportunities align with
your portfolio requirements.
Enquire
To speak to one of our Directors about investment opportunities that align with your portfolio requirements, please provide your contact details below.
Call +61 2 9000 5215 now to invest in this opportunity. Alternatively, provide your contact details below to receive the IM.