The Stables Lot 6
Parkview on Cornwall
Product Type
First Mortgage
Interest Rate
10% p.a
Payment
Monthly
Max LVR
70%
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 The Stables Lot 6’ and include those set out below.
Product Type
Interest Rate
10% p.a
Payment
Monthly
Fund | Parkview L6 Lending AUD Trust and Parkview L6 Lending NZD Trust (the Funds) |
Lender | Investors apply for subscription of units in the Parkview L6 Lending AUD Trust (AUD Fund) or Parkview L6 Lending NZD Trust (NZD Fund) (Units). Investors may request a copy of the Trust Deed if desired. |
Borrower | RT Parkview L6 Pty Ltd ATF Parkview L6 Trust |
Use of Proceeds | Land refinancing for Lot 6, early works and pre-sales activity for The Stables Block C, in preparation for the main construction phase. |
Exit Strategy | Debt takeout from senior construction financier, upon entering the main construction phase. |
Loan Security | On issue of the individual land titles (being a subdivision of existing land titles) and following the transfer of Lot 6 to the Borrower and the registration of the mortgage in favour of the Funds, security will comprise an all asset charge over the Borrower and registered 1st mortgage over Lot 6, via $11m NZD land refinancing from this facility. Until the mortgage is registered over Lot 6 in favour of the Funds, no cash advances will be made from the Funds to the Borrower and the assets of the Funds (being the proceeds from investors) will in the meantime be held in a designated trust account, with an Australian Deposit Taking Institution. |
Property Value | On completion of Block C on Lot 6: $160,805,000 NZD anticipated net asset value on completion |
Maximum Loan to Value Ratio (LVR) | 70% (on an 'as if complete' valuation basis of Block C on Lot 6) |
Interest | 10% 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 | PARK10P2411 |
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 |
1st Mortgage Investment
Land refinancing for Lot 6 and Early Works Programme for The Stables Block C
The Stables Block C
This loan is for senior land refinancing of Lot 6 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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