This project appealed to White & Partners for a number of reasons: the location, the alternative uses planned for the property, and the substantial margin of safety in development potential. The loan was structured as a typical first mortgage land facility with additional security in the form of a corporate guarantee and charge over the shares in the project; particularly relevant as the developer pursued construction of the retirement living community.
White & Partners provided funds for the acquisition of the 15.63 acre parcel of land in Dural, a suburb with an established retirement living destination, in a catchment where 15% of people are aged over 65. The planned retirement living community comprised 37 villas, 80 apartments, and a 72 bed retirement aged care facility.
In addition to the development of Wirrabara Village, the property’s subdivision into three 5 acre titles matched demand for rural acreage in the area. The developer of the project was an experienced South East Asian real estate fund manager.