Debt

Transactions

Apartment & Townhouse Development | Carrara, Gold Coast


Loan Purpose
Construction funding of 67 dwellings (townhouses and apartments) with an end value in excess of $35 million

Facility Limit
$22 million (progressively drawn)

Loan Term
18 Months

LVR
70%

Location
Carrara, Gold Coast, QLD

Security
First Ranking registered mortgage over the development site, general security agreement over the borrowing entity and director/shareholder guarantees

Start Date
December 2016

End Date
28 June 2019

Apartment Development | Carrara, Gold Coast


Loan Purpose
Construction funding of 147 apartments with an end value in excess of $74 million

Facility Limit
$36 million (progressively drawn)

Loan Term
15 Months

LVR
65%

Location
Biggera Waters, Gold Coast, QLD

Security
First Ranking registered mortgage over the development site, general security agreement over the borrowing entity and director/shareholder guarantees

Start Date
March 2019

End Date
20 December 2019

Residential Land Settlement | Vermont South, Victoria


Loan Purpose
Settlement of residential development site

Facility Limit
$13 million

Loan Term
12 Months

LVR
50%

Location
Vermont South, VIC

Security
First Ranking registered mortgage over the development site, general security agreement over the borrowing entity and director/shareholder guarantees

Start Date
December 2018

Residential Land Settlement | Newstead, QLD


Loan Purpose
Land settlement of a residential development site approved for 350 apartment

Facility Limit
$14 million

Loan Term
12 Months

LVR
70%

Location
Newstead, QLD

Security
First Ranking registered mortgage over the development site, general security agreement over the borrowing entity and director/shareholder guarantees

Start Date
June 2015

End Date
4 July 2016

Apartment & Townhouse Development | Carrara, Gold Coast


Loan Purpose
Settlement of residential development site appropriate for townhouses and apartments. Allowed borrower sufficient time to modify approvals and commence presales of project

Facility Limit
$7 million

Loan Term
12 Months

LVR
60%

Location
Coburg, VIC

Security
First Ranking registered mortgage over the development site, general security agreement over the borrowing entity and director/shareholder guarantees

Start Date
December 2017

End Date
30 June 2019

Apartment & Retail Development | Hawthorn, Victoria


Loan Purpose
Mezzanine facility to assist with the construction of a retail and residential apartment complex

Facility Limit
$3 million

Loan Term
18 Months

LVR
75%

Location
Hawthorn, VIC

Security
First Ranking registered mortgage over the development site, general security agreement over the borrowing entity and director/shareholder guarantees

Start Date
February 2017

End Date
21 December 2018

Equity

Transactions

459 Pumicestone Rd | Caboolture, QLD

Opportunity
  • Off-market acquisition of a 15 Ha site in Caboolture, Queensland
  • 15 ha site presented long term development opportunity through successful rezoning of the site
  • Substantial size of the land offered excellent staged development outcomes
  • Property located approximately 50km north of the Brisbane CBD on the Bruce Highway where c.70,000 cars pass by each day
Value Add
  • Obtained DA to construct a Highway Travel Centre on 1.2 Ha of the site
  • Development Application submitted to approve the development of a 7,000sqm neighbourhood shopping centre which will be anchored by two national chain operators
  • The Travel Centre was anchored by two pre-leases from Caltex Australia and Red Rooster
  • Development team is currently negotiating the AFL with the tenant who will anchor the neighbourhood shopping centre (forecast to open around mid-2022)
  • Development team has secured a national home and hardware operator to lease c.13,500 sqm of space on site. Management is currently undertaking a rezoning process allowing for construction
Outcome
  • Divested the asset on a fund-through arrangement to Caltex Australia prior to construction commencing
  • The project team delivered and completed an operating asset to Caltex and Red Rooster on time and within budget, in line with obligation entered into under a development delivery agreement
  • The project team together with its planning consultant are continuing to unlock value for the site via a rezoning application

18 John Oxley Drive | Port Macquarie, NSW

Opportunity
  • Off-market acquisition of a c.5Ha site in Port Macquarie
  • Rezoning application to allow for the construction of a bulky goods warehouse with supporting retail tenancies
  • 18,000 sqm Bulky goods warehouse would be anchored by Bunnings Warehouse
Value Add
  • Spent 6 years stepping through a planning amendment to obtain DA for 18,000 sqm warehouse and 2,400 sqm bulky goods site
  • Pre-leased to Bunnings for 15 years and bulky goods site is >50% pre-committed at the time of practical completion
  • Engaged builders on a guarantee maximum price construction contract to deliver the completed asset
Outcome
  • Divested the asset on a fund through basis to MPG Funds Management prior to construction commencing
  • Bunnings Warehouse was delivered and open for trade within 8 months of construction commencing
  • All obligations to various stakeholders were met on time and on budget

190 - 198 Princess Hwy | South Nowra, NSW

Opportunity
  • Off-market acquisition of a 4.5Ha bulky goods / retail site in South Nowra (approximately 160km South of Sydney CBD)
  • Worked towards securing South Nowra’s largest and Masters first hardware store in town
  • Bulky goods site would be supported by retail offerings on neighbouring pad sites
Value Add
  • Obtained development approval to construct a 13,000 sqm freestanding Masters Home Improvement Store which was pre-leased for a term of 15 years
  • Obtained development approval to construct an annexed pad site which was pre-leased to Shell, Hungry Jacks and Subway. All three tenancies are on 15-year leases
  • Entered into a fixed price/term construction contract to deliver the asset
Outcome
  • Divested the asset on a fund through basis to APN Funds Management prior to construction commencing
  • The project team delivered the Shell and Hungry Jacks pad site within 8 months of construction commencing and delivered a completed Masters store 4 months after
  • All obligations to various stakeholders were met on time and on budget
Timeline-02