Strategy & vision
PHASES AND STRUCTURE This is phase one of a seven phase raise where CrowdProperty has agreed a project loan totalling $4,200,000 to develop a site in Salisbury Heights, Adelaide, South Australia. Phase one of the raise is for $1,400,000 which is to be completed by July 2021 for settlement of the land, with the remaining phases to pay for civil works and associated soft costs to realise a DA approved, 20-lot subdivision.. The target interest return is up to 7% p.a. (after fees but before tax), which will be distributed to investors at the expiry of the investment term in October 2022. LOCATION AND RELEVANT AREA INFORMATION The opportunity is located centrally in the inner Northern suburbs of Adelaide. Salisbury Heights is a destination for many first home buyers as the development opportunity is situated in a prime location with views over Adelaide. Located close by and only a short drive from the site is The Grove Shopping Centre, Westfield Tea Tree Plaza which is currently undergoing a multi-million dollar renovation along with the recently constructed Saints Road Shopping Village bringing more businesses to the immediate area. SITE DETAILS Existing development approval in place for 20 allotments ranging from 650sqm – 800sqm on a 20,000sqm site. PROPOSED DEVELOPMENT DETAILS This project is to subdivide a 20,000 sqm site into 20 lots in the Adelaide suburb of Salisbury Heights. The first raise is assisting in settlement of the land. A pre-sales campaign has begun with 10 pre-sales a condition of settlement. Completion of the project is set to be 15 months from settlement.
Exit strategy
The developer will be selling 19 of the lots on the site, whilst retaining one for himself.
The borrower & project team
Developer Phi Le’s expertise lies within the property sector, procuring equitable projects for residential clients, developers and investors. He has been involved on a range of developments for the last 5 years as the director of PVL Enterprise. With a backing of investors and experience in brokerage, he has built an extensive relationship with key providers and am able to consult in tailored finance solutions. His involvement within the industry over the years has seen him acquire a network of professionals, mentors and business contacts, a key element that is combined with proficiency and determination in both sectors that has seen him succeed in an evolving industry.