Loan Spotlight: Port Wakefield, South Australia
Loan Amount: $6,120,786
Loan to Value Ratio: 65.8%
The loan purpose was to assist with the site acquisition and development of a Service Centre Complex at Port Wakefield which will include a service station, cafe and other drive through facilities
The site has access from Port Wakefield Rd in both directions of the traffic and is strategic in light of SA government’s Port Wakefield Overpass and Highway Duplication Project.
The borrowing entity was part controlled by an experienced operator who owns and operates several existing petrol station and truck stop facilities. These are located at Port Wakefield (since 2002), Blanchetown (since 1997) and Keith (since 2013) and include café/restaurants integrated within the roadhouse/truck stop locations. The other owner has 23 years’ experience in the building and construction industry, working on various projects nationally and internationally. He is a Quantity Surveyor by profession.
Construction of the Service Station Complex proceeded on time and on budget. The centre opened for trading to the public in May 2021. Repayment of the loan was intended to be through refinance to a major bank. Ordinarily, a bank will require a full year’s trading figures. However, the business traded very well from the outset and refinance was completed on 21 February 2022. This was Angas Prime’s second and equally successful well-located and constructed highway service centre loan.
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