Another 'Multi-Unit' Development Site Opportunity …. Sydney based Owners are happy to eithe
Up for grabs is the ownership or a share in this '27 x Unit Development', which interested parties can either Purchase Outright, or enter into a JV Partnership with the current owners.
The subject Development has been recently 'Valued' by Viking for one of its selected and best performing Fund Managers, and we have subsequently secured a Construction Funding Line Pre-Approval for the amount of circa $8.3M, to assist with the project ..… AND WAIT FOR IT ….. the pre-approved funding line is not conditional to any 'Pre-Sales', so once you have your engineering and building drawings and the BA, you can start the project straight away, i.e. January 2019.
This site is perfectly located in a progressive and well catered for area in Wynnum and is close to all local shopping amenities. library, hotels and the train station. The DA, which is split across two adjoining titles, proposes a mix of 1, 2 and 3 bedroom units, (predominantly 2 x bedroom units), to be built over 8 x levels, plus a basement level carpark. Our recent valuation concluded that the total GRV for this project was an amount of $14.01M (Inc. GST) / $12.84M (ex. GST).
Please note: The required equity for this proposal equates to around 23% of the estimated total project cost, (or $2.45M), as based on a total project cost of circa $10.78M ex GST.
So, if you are interested in this opportunity, or know someone who may also be interested in this project, we can provide you with an introduction to the Vendor and also further details on our current funding offer.
For a confidential discussion please call Gary at Viking Capital on 0438 331 116 if you have any interest.