Finance Discussion Paper
22Worden Street, Morningside QLD

Project Summary

Location22 Worden Street, Morningside QLD.

Type2 x 4 bedroom and 2 x 3 bedroom townhouses each with 2 bathrooms plus powder room. The 4 bedroom townhouses have two car accommodation (unit 1 includes a carport by exclusive use) and the 3 bedroom townhouses also have a study.

StatusDevelopment permit and building permit have been obtained. The builder has been selected and is scheduled to commence construction in late July / early Augustpending finance approval.

Duration12 months from finance approval.

Location

Morningside is located 5 kilometres east of the Brisbane CBD and borders Cannon Hill, Hawthorne and Norman Park. The development site is located on the preferred eastern side of Wynnum Road and has close proximity to local shops on Wynnum Road, local schools and public transport including the nearby Morningside train station.

City View

Suburb View

Street View

Design

This boutique development has been designed by Ian Webb Architects. The townhouses have been designed and appointed with owner occupiers in mind and include the following elements:

  • Open plan design
  • 2.7m ceilings to living level
  • Ducted multi-zone airconditioning
  • Ceiling fans to bedrooms and balcony / terrace
  • Ensuites off master bedroom
  • Walk-in robes to master bedroom
  • 40mm stone kitchen benchtops
  • Bosch stainless steel kitchen appliances
  • Wet fridge connection to kitchens
  • 20mm stone ensuite, bathroom and laundry benchtops (except unit 1 laundry)
  • Semi-frameless shower screens to bathrooms
  • Frameless mirrors to bathrooms
  • Solid woven bamboo flooringto living areas
  • LED downlights throughout plus feature pendants over kitchen bench
  • Fully landscaped low-maintenance courtyards
  • Autmotaed garage rollerdoor

Development Team

Project ManagerPositive Property Strategies

BuilderLanConQld

LawyerM+K Lawyers

Quantity SurveyorMitchell Brandtman

Real Estate AgentRay White Bulimba (Jared Candlin)

SurveyorAJS Surveys

Development Timetable

Milestone / Estimated Date
Finance Approval / July 2015
Commence Construction / August 2015
Complete Construction / April 2016
Commence Marketing / April 2016
Complete Marketing / June 2016

Please note that the timeframes mentioned above are an estimate based upon the timeframes typically required for comparable projects.

Finance

BorrowerXXX

SecurityRegistered first mortgage over the subject site

GuaranteesJoint and several guarantees by each Director

GRV$2,490,990 (ex GST)

TDC$2,050,000 (ex GST / ex Selling Costs)

Equity$450,000

Funding$1,600,000

LVR64.23%

TDCR78.05%

ROC18.00%

Appendices

  • Development approval notice
  • Development approval conditions
  • Development approved plans
  • Building permit plans
  • Commercial valuation
  • Construction contract
  • Financial feasibility
  • GST structure letter

FINANCE DISCUSSION PAPER / 22 WORDEN STREET, MORNINIGSIDE QLD