Strategy & vision
Developer Fergus Stokes is seeking acquisition finance for a 804m2 site situated in East Corrimal. The initial loan of $1,210,000 will be used to secure the site whilst awaiting planning approval for 3 x three-bedroom townhouses. The developer anticipates that this loan will transition to a construction loan with CrowdProperty in approximately three months. The construction phase is expected to last an additional 18 months, during which investors in the initial loan will have the first opportunity to reinvest should they choose to do so.
Nestled within the picturesque Illawarra region of New South Wales, Australia, East Corrimal is a tranquil coastal suburb embraced by the city of Wollongong. Situated approximately 67 kilometers south of Sydney, this charming locale boasts the breathtaking Corrimal Beach as its centerpiece. With its golden sands, renowned surf spots, and inviting community parks, East Corrimal offers an idyllic blend of relaxation and vibrant lifestyle opportunities.
Primarily residential, the suburb caters to a diverse demographic, from families to professionals and retirees, offering an array of housing options ranging from cozy established homes to contemporary developments. East Corrimal’s intimate commercial hub provides essential amenities, while its close proximity to Wollongong ensures convenient access to a wider range of services and employment prospects.
Celebrated for its natural splendor, tight-knit community ambiance, and strategic locale, East Corrimal emerges as a coveted destination for both residential living and investment within the Illawarra region.
Exit strategy
The developer plans to transition to a construction loan upon securing planning approval. The current submission seeks approval for 3 townhouses under the Complying Development Certificate.
The borrower & project team
Assured Projects Pty Ltd, spearheaded by Fergus Stokes, specialises in acquiring expansive properties in Wollongong with the aim of developing 3 to 7 residences. The company strategically targets CDC corner lots in established markets and properties with development challenges in burgeoning areas. Drawing upon Fergus’s expertise in engineering and surveying, Assured Projects has successfully executed deals in East Corrimal, with a clear trajectory towards transitioning into full-time property development.