The Club
At Parkview on Cornwall
Product Type
Property Loan
Interest Rate
12% p.a
Payment
Monthly
Max LVR
75%
Summary
Parkview comprises over 16,000m2 prime land in Epsom, Auckland, one of New Zealand’s most prestigious suburbs
The development is owned and delivered by Gleneagle and its partners.
Stage 1 of the master plan comprises delivery of ‘The Club’ on Lot 2.
This loan allows eligible investors to co-invest with Gleneagle, via a registered 2nd mortgage.
Funds will contribute toward early works and land refinancing of Lot 2.
Land refinancing is scheduled to conclude Q2 2024, at which time Gleneagle will offer a registered 1st mortgage over Lot 2 (‘The Club’).
Investors in this product reserve the right to novate their units into the 1st mortgage at that time. Refer to the terms for more information.
Master Plan and Zoning
The Parkview development 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.
Current Titles:
Lot 1 | 4,873m2 | 1049333 – Greenlane West, Epsom, Auckland | |
---|---|---|---|
Lot 2 | 6,519m2 | 1049334 – Greenlane West, Epsom, Auckland | |
Lot 3 | 4,714m2 | 1049335 – Greenlane West, Epsom, Auckland | |
Total | 16,110m2 |
All lots are zoned ‘Business – Mixed Use, Activity Areas’
This poses incredibly unique development potential, allowing Gleneagle to capitalise on changing market demands. Parkview’s master plan has been strategised to provide a mix of retail, residential, hotel, senior living and lifestyle offerings, catering to the extensive interest received from both local operators and prestigious international brands.
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 (Borrower) |
Lender | Investors apply for subscription of units in the GE Parkview Lending Trust (Units). Investors may request a copy of the trust deed if desired. |
Use of Proceeds | Land refinancing of Lot 2 and early works for Lot 2 (‘The Club’). Refinancing of Lot 2 is scheduled to conclude in Q2 2024, at which time Gleneagle will offer a registered 1st mortgage over Lot 2. |
Property Value | On Completion of ‘The Club’ on Lot 2: >$217.3m NZD anticipated net asset realisation (less GST) Residual land value of Lots 1 & 3: $46.9m NZD Note: Figures only incorporate value brought by development on Lot 2. Does not consider the value of future stages detailed in the master plan (across Lots 1 and 3), nor the value of approved subdivision into 7 lots. |
Loan Security | 2nd ranking secured loan facility comprising an all asset charge over the Borrower and registered 2nd mortgage over Lots 1, 2 and 3. This security ranks behind senior financing currently drawn to ~$52m, which will be further drawn down, in conjunction with the construction schedule. |
Right of Novation | A registered 1st mortgage over Lot 2 (The Club) is scheduled to become available in Q2 2024. Investors reserve the right to:
|
Max LVR | 75% |
Interest | 12% p.a., payable to investors monthly |
Loan Maturity | 31 October 2024 |
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 the Borrower. |
Product Code | PARK12P2312T2 |
Project Staging
Stage One
The Club
Luxury Apartments
Stage Two
YOTEL
Luxury Smart Hotel
Stage Three
Queen of The Park
Managed Luxury Retirement Living
Cardigan Bay
Bespoke Residential Apartments
Stage Four
Virgin Active
Luxury Gym Facility
Parkview Suites
Serviced Apartments
Get started and join thousands of investors who choose to partner with Gleneagle
Gain access to the term sheet containing Stage 1 Schedule, Project Financials and more
The Club
Lot 2 - 6,519m2
This loan allows eligible investors to co-invest with Gleneagle via a registered 2nd mortgage. Proceeds will be used to support land refinancing and early works for Lot 2 (The Club).
Refinancing is scheduled to conclude Q2 2024, at which time Gleneagle will offer a registered 1st mortgage over Lot 2.
Investors in this product reserve the right to novate their units into the 1st mortgage at that time. Refer to the terms for more information.Apply Now
Individual Application
You
If we are unable to electronically verify your identity, you will also be asked to supply two forms of identification:
Photo ID
Current driver’s license, passport or national ID card
Proof of Address
Utility bill or bank statement from the last 3 months
Joint Application
You and Another Applicant
Photo ID
Current driver’s license, passport or national ID card
Proof of Address
Utility bill or bank statement from the last 3 months
Company Application
The Company
Directors and UBOs
Photo ID
Current driver’s license, passport or national ID card
Proof of Address
Utility bill or bank statement from the last 3 months
Trust Application
The Trust
Copy of the Trust Deed
This must be certified by a Justice of the Peace
UBOs and Individual Trustees
You’ll need to provide details about the Ultimate Beneficial Owners (UBOs) and Trustee(s).
If we are unable to electronically verify their identities, you will also be asked to supply two forms of identification for each applicant:
Photo ID
Current driver’s license, passport or national ID card
Proof of Address
Utility bill or bank statement from the last 3 months
Settlor of the Trust
Photo ID
Current driver’s license, passport or national ID card
Proof of Address
Utility bill or bank statement from the last 3 months
Corporate Trustee
If the trustee is a private or public company, you will be asked to supply details about the company.
Self Managed Superannuation Fund (SMSF) Application
The SMSF
Pages from the Trust Deed
Front cover page, Schedule page, Signature / Execution page
UBOs and Individual Trustees
Photo ID
Current driver’s license, passport or national ID card
Proof of Address
Utility bill or bank statement from the last 3 months
Corporate Trustee
If the trustee is a private or public company, you will be asked to supply details about the company.