News and Announcements
Spyre Group finalising capital funding to commence its latest boutique apartment development
- Published September 05, 2013 11:34AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Spyre Group is finalising the preparation of its latest boutique apartment development in Ascot, QLD, commencing October with completion by March 2014, and settlements soon thereafter. This is the latest project from an experienced team currently managing a $45M development portfolio. The project has been substantially derisked:
- Ready to build: All local authority approvals are secured with no barrier to commencement
- One of Brisbane’s most desirable residential locations: Ascot is highly regarded for its combination of it’s pleasant amenity, great transport access and lifestyle living
- High presales benchmark: 40% presales achieved before construction commencement
- Experienced builders with record of on budget project delivery: Hutchinson, QLD’s leading residential building company, contracted for development and established since 1912
- Strong financial characteristics: Valuation report produced by Savills validates feasibility study indicating profits are sufficient to carry investor interest at 15% p.a
- Senior debt funding in place: Latrobe Financial have committed to a 70% LVR funding line
- Majority of private funding in position: 70% of the required gap funding has been committed by private investors looking to raise final amount
The project fundamentals together with the Group’s rigorous approach provides sophisticated investors with the comfort to participate in this limited offer, and the ability to access Spyre’s future runway of high quality developments.
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