Loan Spotlight: Werribee, Victoria
Werribee was once a stand-alone location midway between Melbourne and Geelong. These two cities are now connected by a multi-lane freeway and the railway line has been upgraded. Werribee has been absorbed into Greater Melbourne creating a multitude of development opportunities. Angas Prime assisted with the acquisition of this corner property which will be the site of a five (5) storey mixed use building which is currently under construction using the borrower’s own funds.
The property was a vacant commercial infill site as at the date that the loan was settled. It comprises 4,046sqm zoned “Activity Centre” with development approval for a five (5) storey mixed use building comprising retail shops, offices, childcare centre and medical centre. Construction commenced soon after settlement. Angas Prime has not contributed to these construction costs. Head of Lending, Stephen Harvey visited the site on a cold winter’s day. Building work was well under way.
This loan was referred to Angas Prime from an accredited broker who generates many lending opportunities in the Eastern States. This broker is negotiating a construction facility for the borrower with a specialist lender. The loan term was due to expire on 30th
September 2024 and was discharged on time.
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