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708

Club

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
The land totaling 16,110m2 then underwent an application for further subdivision into 7 individual lots. Consent to the subsequent subdivision has been granted, and new titles are anticipated to be issued Q1 2024.
Income Paying Investment - Property Loan Security
Lot 2 Lot 1 Lot 3

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:
  • Novate their Units into the 1st registered mortgage. The 1st ranking debt facility will offer 9% p.a interest, with an updated term sheet presented to investors for their consideration at that time.
  • Elect for their Units to remain within this 2nd registered mortgage over Lots 1, 2, and 3 until the loan maturity.
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
Income Paying Investment Australia

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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.
The Club - Income Paying Investment Opportunity

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By clicking submit, I agree to the terms of Gleneagle's Financial Services Guide and to be contacted, in accordance with the Privacy policy.
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