Funding to assist with the construction of a residential unit building.
Loan Amount: $13,228,320.00
Loan-to-valuation Ratio: 62% on an "as-if-complete" basis
Approved Loan Term: 18 Months
This project comprised a modern three-storey residential complex containing 39 units. The project was developed in a single stage and provided seven one-bedroom units, 31 two-bedroom units and one three-bedroom unit with internal areas ranging from 53 to 140 square metres. The units benefit from basement level car parking, bicycle racks, storage areas and private balcony/courtyard areas. Common amenities include visitor car parks, common area driveway, boundary style fencing, letterboxes and a rooftop recreation area.
The site was located in the established suburb of Norman Park, approximately four radial kilometres east of the Brisbane Central Business District and 290 metres from Norman Park Railway Station. Norman Park is an older established suburb currently undergoing a renewal process with many older dwellings being amalgamated to form small to medium residential development sites.