Parkview on Cornwall
Auckland, New Zealand
Product Type
Property Loan
Interest Rate
12% p.a
Payment
Monthly
Max LVR
75%
Summary
This secured property loan is to support early works for Stage 1 of the development.
The development is owned and delivered by Gleneagle and its partners
Internally managed project, allowing precision risk management and control
Fixed price construction contract
Desirable site location next to Cornwall Park and Alexandra Park
Proven team of builder, architects and financial sponsors with a strong track record of delivering completed projects
Straight forward build with high-end finishes; well suited to upscale and prestigious surrounding suburbs
Sophisticated Investors
To be considered for this investment product; applicants must supply evidence they qualify as a Sophisticated Investor
Investment Terms
Interest Rate
12% p.a
Payment
Monthly
Max LVR
75%
Borrower | RT Parkview Pty Ltd as trustee for Gleneagle Parkview Trust |
Property Valuation | Land Value: ~NZD$95m estimated post 7 lot subdivision Value on Completion: ~NZD$557m anticipated land, asset and business value |
Investment Loan | Proceeds used to support construction early works and related costs |
Interest | 12% p.a., payable monthly |
Loan Maturity | 31st October 2023 |
Max LVR | 75% |
Investment Close | 30th April 2023 |
Minimum Investment | AUD$50,000 (open only to sophisticated investors within the meaning of section 708(8) of the Corporations Act) |
Loan Repayment | Early repayment allowed at discretion of borrower |
Loan Security | 2nd Ranking Secured Loan Facility comprising an all asset charge over the Borrower and 2nd mortgage over the land owned by the Borrower, behind senior land secured financing of ~NZD$49.1m, and senior construction secured financing ~NZD$167m |
Deed | Investors may request a copy of the trust deed if desired |
Product Code | PARK12P2210 |
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Lot 1 | 2931m2 | Lot 2 | 1973m2 |
|---|---|---|---|
Lot 3 | 2593m2 | Lot 4 | 2520m2 |
Lot 5 | 3145m2 | Lot 6 | 2948m2 |
Lot 8 |
5544m2 (Basement Level) | ||
Project Plan & Zoning
The acquisition forms part of a subdivision to Auckland Trotting Club land, known as Alexandra Park
Consent to the subdivision was granted by Auckland Council in March 2022 and 3 individual titles were issued in August 2022.
Consent for this subdivision was granted in November 2022.
Stage 1
Buildings C1 and C3 form the first stage of development, within what is to be known as ‘Parkview on Cornwall’
Managed Luxury Retirement Living
Queen of the Park
The key target population for retirement living are those 75+. In 2021 there were estimated to be almost 345,960 NZ residents 75+ years of age. By 2048, this is forecast to increase by over 140%.
This vast increase adds further weight to the growing demand from residents and their families for premium accommodation options.
Though New Zealand continues to deliver new
units to meet increasing demand, JLL research suggests that demand will continue to outweigh the country’s development pipeline.
Bespoke Residential Apartments
Cardigan Bay
Epsom is a highly desirable suburb, proving particularly popular with families. Parkview is situated on the greenscape of Cornwall and Alexandra Parks and is within Epsom’s coveted ‘Double Grammar’ school zone.
Pre-sales for Building C3 the apartments commenced strongly in Q2 2022, with further appreciable sales forecast from the pipeline.
Project Progression
Get started and join thousands of investors who choose to partner with Gleneagle
CMP Construction
CMP Construction offer over 30 years’ experience as a successful Auckland construction company specialising in large commercial and industrial developments. CMP specialises in large-scale new commercial buildings – multi-storey apartments and offices, industrial and warehouse buildings.
Frequently Asked Questions
This project meets Gleneagle’s strict investment criteria, and we are uniquely placed to capitalise on development opportunities, regardless of their geographic location.
We have a strong track record in delivering similar projects in New Zealand and have a close working relationship with all consultants involved, (both in Australia and New Zealand.)
Where specifically noted, some financial figures have been reported in the project’s local currency – New Zealand Dollars (NZD).
However, Gleneagle is an Australian Financial Institution. Your investment in this product, respective interest payments made to you, and any reporting or statements provided to you, will always be in Australian Dollars (AUD).
Investors will subscribe for an allocation of units in the GE Parkview Lending Trust (1 Unit per $1 AUD Invested).
When interest is paid on the loan each month, the trust distributes that interest to investors, proportionate to the number of units they own.
This structure simplifies otherwise complex requirements relating to GST and withholding tax on interest.
Investors are paid interest monthly.
Interest is paid and statements provided to investors on a monthly basis.
This product is open only to sophisticated investors (within the meaning of section 708(8) of the Corporations Act). Learn more about qualifying as a Sophisticated Investor here.
