Loan Spotlight: Georgetown, Tasmania

This loan was for a conventional subdivision at Georgetown in North Eastern Tasmania, where the Tamar River meets Bass Strait. Whilst the site was capable of creating 46 lots, Angas Prime funded only Stage 1. The borrower held development consent for 32 lots in Stage 1. The remainder of the land parcel known as Future Stage 2 was subject to the first mortgage held by Angas Prime. None of the loan funds were expended on it, but some services and road works abutting Stage 2 were completed as part of Stage 1.

Georgetown is growing with leisure and retirement homebuyers. A major upgrade of arterial roads with Commonwealth Government funding assistance has made the fifty (50) kilometre commute to Launceston very accessible. Georgetown has a range of water and land based recreational facilities, hotels, supermarket and a Regional Hospital. Local employment opportunities are provided by marine industries.

The borrower was a Launceston local who operates several businesses including Launceston Electrical Services. The civil contractors completed the project efficiently and the loan was repaid on time. Angas Prime is now assisting the borrower with his acquisition and development of an industrial site opposite Launceston Airport. The Translink Industrial Estate is another precinct which has benefitted from a transport upgrade connecting the Airport to the new Freeway. Tasmanian investment opportunities have increased since Angas Prime opened an office in Launceston a few years ago.

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