Finished date : 23/08/2021
The Loan is secured by two properties, a first registered mortgage over the land in Redland Bay, QLD 4165 and a second registered mortgage over the adjacent land, and various general security as well as the corporate and personal guarantees.
Security Property 1: The land area is 12.85 ha.
Security Property 2: The land area is 12.89 ha.
The subject properties are located on the eastern side of the M1 Expressway to and from Brisbane and Coolangatta. The property is situated about 66 km to the north of Surfers Paradise, approximately 42 km southeast of the Brisbane Central Business District, approximately 8.5 km west of the Victoria Point shopping centre, and 12.5 km to the south of Cleveland Shopping Centre and 22 km north of Beenleigh.
The surrounding development comprises rural and residential property. Local shopping centres are within close proximity as are Mount Cotton State School, Carbrook State School, Calvary Christian College, Kimberly College, Carbrook Golf Course and Riverlakes Golf Course. Located opposite the subject at 277- 293 Heinemann Road is a site owned by Redland City Council which has been earmarked for development for the Redlands Coast Sport and Recreation Precinct. The area of Redland Bay is 159.37 ha and the master planning for the development of the site has begun. The timeline for completion of the construction work is 2025.
Purpose of the loan: Acquisition costs of the land.
Interest payment: Monthly interest is payable each month in arrears.
Repayment of the loan: After 6 months, the borrower can repay the whole of the loan amount with 30 days’ written notice.
| Target return rate | 9% p.a. |
| Actual return rate | 9% p.a. |
| Commenced date | 25/11/2019 |
| Repaid date | 23/08/2021 |
| Original term | 12 months |
| Loan to Value Ratio | 56.48% |
