Hawks Nest, NSW

First mortgage funding of $8,257,000 is required to assist with refinancing current debt and providing funding for civil construction of twenty-five (25) residential allotments and one (1) private road lot.

The Security Property comprises an irregularly shaped parcel of land, having a land area of 6.22 Hectares (15.37 acres) bisected by a main arterial road extending east from the Singing Bridge and providing vehicle and pedestrian connection between Tea Gardens and Hawks Nest.

The subject property holds a Development Approval (Determination: DA2022/0220) for the Subdivision of 16 x Torrens Title residential lots and 10 x Community Title residential lots was approved on 14 March 2022 (including one (1) lot for Private Road) approved on 26 June 2024. This consent lapses on 26 June 2029. Lots range in size from 450sqm to 1,318sqm.

The Estate is known as “Water’s Edge” and the borrower has engaged real estate agents Hawks Nest Realty to pre-sell the allotments, they have currently presold 6 lots, with the gross pre-sales figure equalling $3,425,000. Development works have already commenced on site, where the area approved for subdivision has been cleared with civil works commenced, with fill and benching in progress.

Civil contractors Tipp-Exc Civil are the contracted civil contractors where the contract sum to complete the works was $3,285,285.00, works have already commenced and the cost to complete the works is $2,851,895.00.

Features of the property are as follows:

• Existing Use: Vacant Development Land
• Approval: DA held to develop 25 x residential allotments being 16 x Torrens Title & 10 x Community Title Lots (including one (1) lot for Private Road)
• Pre-Sales: 6 lots have been presold with a combined value of $3,425,000 representing 41% debt cover.
• Zoned: R2 ‘Low-Density Residential’, R3 ‘Medium Density Residential’ and C2 ‘Environmental Conservation’ zone
• Local Government Authority (LGA): Mid Coast Council

The subject property is located within the suburb of Hawks Nest, situated approximately 228km north of the Sydney Central Business District (CBD) and approximately 80km north of the Newcastle CBD.

More particularly, the subject is located on the northwestern side of Eagle Avenue, which extends off Flamingo Avenue to the east, some 40 metres west of its intersection with Ibis Avenue.