Parkview on Cornwall
Auckland, New Zealand
Product Type
Property Loan
Interest Rate
12% p.a
Payment
Monthly
Max LVR
75%
Over 16,000m2 of prime land in Epsom, Auckland NZ
Parkview on Cornwall
Situated on the greenscape of Cornwall and Alexandra Parks, within Auckland’s highly coveted ‘Double Grammar’ school zone.
The property has been approved for subdivision into 7 lots. New land titles are anticipated to be issued by end of November 2024.
Parkview on Cornwall stands apart as a meticulously designed precinct that combines both quality and value, with the practicality of a coveted central location.
The development is owned and delivered by Gleneagle and its partners, allowing precision risk management and control.
Lot 1 | 2,928m2 | |
|---|---|---|
Lot 2 | 1,971m2 | |
Lot 3 | 2,594m2 | |
Lot 4 | 2,834m2 | |
Lot 5 | 2,837m2 | |
Lot 6 | 2,950m2 | |
Lot 8 | 8,265m2 (Basement under Lots 3 & 4) | |
The property has been approved for subdivision into 7 lots
The land previously formed part of the Auckland Trotting Club (ATC) grounds.
All lots are zoned ‘Business – Mixed Use, Activity Areas’. This permits the precinct to offer an array of curated retail, dining, and service experiences, creating a vibrant lifestyle hub where everything is within walking distance.
The Stables 7 of 10 BLOCK B
The Stables 8 of 10 BLOCK C
The Stables 9 of 10 ATC
Existing Grandstand 10 of 10
Sophisticated Investors
To be considered for this investment product; applicants must supply evidence they qualify as a Wholesale Investor within the meaning of Section 761G of the Corporations Act (Cth) 2001 in Australia, or within the meaning of Schedule 1, Part 1 (3) of the Financial Markets Conduct Act 2013 in New Zealand
Investment Terms
The terms of this facility are as detailed in the Information Memorandum titled ‘Parkview on Cornwall’ and include those set out below.
Product Type
Interest Rate
12% p.a
Payment
Monthly
Fund | GE Parkview Lending Trust and GE Parkview Lending NZD Trust (the Funds) |
Lender | Investors apply for subscription of units in the GE Parkview Lending Trust (AUD Fund) or GE Parkview Lending NZD Trust (NZD Fund) (Units). Investors may request a copy of the Trust Deed if desired. |
Borrower | Joint and several co-borrowers: RT Parkview Pty Ltd ATF Gleneagle Parkview Trust and RT Parkview L6 Pty Ltd ATF Parkview L6 Trust |
Use of Proceeds | Working capital to support precinct development and the Early Works Programme for Block C. |
Loan Security | All asset charge over the Borrower(s) and registered 2nd mortgage over all lots of land (3 current lots, awaiting new title issue from Council to reflect subdivision into 7 lots), subordinated to the first ranking secured loan facilities. |
Property Value | On completion of Block C on Lot 6: $160,805,000 NZD anticipated net asset value on completion Residual land value of Lots 1-5: $61,884,000 NZD |
Maximum Loan to Value Ratio (LVR) | 75% (on an 'as if complete' valuation basis of Block C on Lot 6 and the residual land as is) |
Interest | 12% p.a. payable to investors monthly |
Loan Maturity | 31 October 2025 |
Minimum Investment | $50,000 AUD to Wholesale Investors within the meaning of Section 761G of the Corporations Act (Cth) 2001 in Australia, or $50,000 NZD to Wholesale Investors within the meaning of Schedule 1, Part 1 (3) of the Financial Markets Conduct Act 2013 in New Zealand |
Loan Repayment | Early repayment allowed, at discretion of the Borrower |
Gleneagle Product | PARK12P2411 |
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). Investment is open to both Australian and New Zealand residents.
Australian Investors: Your investment in this product, respective income payments made to you will be calculated and paid in Australian Dollars (AUD), and any reporting or statements provided to you, will always be in Australian Dollars (AUD). Investors therefore do not bear any currency risk.
New Zealand Investors: Your investment in this product, respective interest income made to you will be calculated and paid in New Zealand Dollars (NZD), and any reporting or statements provided to you, will always be in New Zealand Dollars (NZD). Investors therefore do not bear any currency risk.
This product is open only to Wholesale Investors. Applicants must supply evidence they qualify as a Wholesale Investor within the meaning of Section 761G of the Corporations Act (Cth) 2001 in Australia, or within the meaning of Schedule 1, Part 1 (3) of the Financial Markets Conduct Act 2013 in New Zealand.
Investors apply for subscription of units in the GE Parkview Lending Trust (AUD Fund) or GE Parkview Lending NZD Trust (NZD Fund) (Units).
1 Unit in the AUD Fund = $1.00 AUD
1 Unit in the NZD Fund = $1.00 NZD
When interest is paid on the loan each month, the trust distributes that interest to investors, proportionate to the number of units they own.
Investors receive distributions from the Fund monthly.
Statements are provided to investors on a monthly basis, coinciding with distribution payments.
Entities outside of Australia investing in Australian Funds are subject to non-Australian-resident withholding tax at the rate of 10% on distributions for interest sourced income. (This includes New Zealand applicants). The withholding tax will then be paid to the Australian Taxation Office (ATO) on your behalf.
The good news is there’s a Double Tax Agreement between Australia and New Zealand which provides a way to avoid paying tax twice on the same income (once in Australia and once in New Zealand). New Zealand investors may be able to claim a foreign tax credit in New Zealand for the tax already paid in Australia.
What is a foreign tax credit?
A foreign tax credit prevents double taxation (taxation in both Australia and New Zealand) of the same income. It allows you to credit the tax paid overseas (in Australia) against your tax liability at home (in New Zealand). The credit acts like a deduction on your local taxes because you’ve already paid tax on the investment in Australia.
How do I apply for a foreign tax credit?
The Australian Fund will provide you with details of the amount of withholding tax that was paid to the Australia Taxation Office on your behalf. You can use the information to calculate the credit you may be able to claim.
Combining both quality and value, with the practicality of a coveted central location
Auckland is one of the world’s least affordable housing markets. Whether buying or renting, residents pay more for housing than most other New Zealanders.
Limited availability and affordability means that households are forced to reside in inadequate accommodation. Many live far from jobs, schools, and essential amenities. The trade-off between housing costs and proximity to jobs and essential services contributes to spatial inequalities and social exclusion.*
Every residential building in the Parkview precinct has its own character and entry point to attract a variety of demographics:
- Empty-nesters and retirees
- Professionals
- Young families seeking Grammar Zone
- First home buyers seeking market entry
Purposefully designed to appeal to a range of lifestyles and markets
In conducting the feasibility study for Parkview and securing a competitive market position; each building’s offering was established by assessing factors including location, size, construction quality, design features, comparable property prices, and current market demand.
Ultra Premium
Classic
Epsom Balconies
Cardigan Bay
Queen of the Park
The Stables
Modern
Budget
The Stables by Parkview
The Stables consist of a trio of architecturally refined residential buildings. Each block is interconnected by a series of elevated bridges which not only facilitate passage, but also serve as vibrant communal spaces.
With a seamless balance of privacy and shared experience, The Stables fosters a unified, village-like atmosphere while offering direct access to the bustling lifestyle and amenities of Parkview’s wider precinct.
| Block A | 12 Stories | 94 Residences |
|---|---|---|
| Block B | 10 Stories | 70 Residences +20 Hotel Rooms |
| Block C | 13 Stories | 156 Residences |
2nd Mortgage Investment
Working capital to support precinct development and the Early Works Programme for Block C on Lot 6
The Stables Block C
This loan will support working capital during development of the Parkview precinct and Block C’s Early Works Programme
The programme will make Lot 6 construction-ready through site excavation, basement preparations and pre-sales activities, in preparation for the Main Construction Phase.
Preparatory works are undertaken to ready Lot 6 for full-scale building.
This includes grading, excavation, piling, utilities and drainage.
The on-site showroom will open, coinciding with early works on the lot.
The showroom serves as a powerful marketing tool, allowing prospective buyers to experience the design, layout, and quality finishes before the building is constructed.
A third party financier will undertake a senior debt-takeout and provide a construction financing facility.
Funding for Block C's main construction will be drawn down from the new senior lender.
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