Construction Residential Apartments, Seven Hills NSW

Development Location:
The property is situated at 140-144 Best Road, Seven Hills NSW

Development Type:

The amount of the loan facility is $20,265,000.00 and is for a term of 12 months.Raj and Jai (website)

The purpose of the loan facility is to provide funding to assist the refinance of the existing loan facility for this property and provide funding for the construction of two residential apartment buildings comprising of 64 residential apartments, 527 square metres of ground floor commercial area and a total of 148 car spaces at the site.

The Borrower is a related entity of the company called “Buildwell (Australia) Pty Ltd” who we have completed several loans for in the past.  Of course past performance is no guarantee of future performance however it shows they have the ability to complete a project of this size.

Sales history records show the property was purchased by the current owner in two separate transactions in September and December 2012 for an aggregate of $3,500,000.00.  The owners have since obtained relevant approvals for the development.

The property is located on the south western side of Best Road in the suburb of Seven Hills, which is situated approximately 33 kms to the west of the Sydney CBD by road.  The surrounding area comprises of a mix of strata apartment developments and freestanding residences, while to the north is part of the Seven Hills retail commercial strip.  The site is in close proximity to all amenities, particularly public transport with the Seven Hills Railway Station only 250 metres to the south.

The total construction costs for the development pursuant to the Quantity Surveyor is $15,210,262.00 and the Borrower will be contributing $1,810,262.00 towards the construction costs prior to any payment being made under this funding.

Should you require further information in regards to this loan, please contact us to obtain the Supplementary Product Disclosure Statement.