Project overview
CrowdProperty agreed to a development loan for 14 new homes in Yamba, NSW. The loan is for a maximum of 21 months with a total facility of $13.6m. The loan will be raised in phases to support the cost of works – this raise of $260,000 is for phase 1 of the project.
The Gross Realisation Value (GRV) has been assessed at $18.62 million. The independent valuation is supported by 3 pre-sales, local comparables and recent median price growth for premium coastal townhouses.
The project team presents with a strong background in construction projects across NSW, and a balance sheet to support project delivery. The developer already owns the vacant site without debt, and the loan is funding the cost of works.
The project involves the construction of a boutique townhouse development, The Grove, comprising 14 three-bedroom, two-storey dwellings—including four with lifts and 2.5 m plunge pools—on a 3,237 sqm site in Yamba, NSW.
The current progress of the project follows the land acquisition that benefits from full access to essential services, sealed roads, and a gentle slope with a 40 m frontage to Mulgi Street. The site, zoned SP3 Tourist Residential under the Clarence Valley Council LEP, has an approved DA (DA 2023/0552) dated 26 July 2024.
The developer has demonstrated demand for the finished product with 3 pre-sales secured, and a marketing campaign in progress with Ray White Projects. Targeting local owner-occupiers, downsizers, and interstate lifestyle purchasers, the development is positioned to meet strong tourism-driven housing demand, with limited townhouse supply in the local market.
Yamba’s real estate market is driven by tourism, healthcare, retail, and professional services, attracting both high-income locals and interstate buyers seeking a coastal lifestyle or holiday home.
Townhouse supply is constrained, with only six properties currently listed for sale, while median unit prices reached $810,000 in June 2025—a 24.1% increase year-on-year.
The area offers strong rental yields of 3.7–4.1% and a well-established demand for prestige residential product. While the market presents attractive capital growth and investment potential, any assessment should consider the unique dynamics of a tourism-driven economy and the local community profile.
Exit strategy
The borrower plans to sell the finished homes with 3 presales already secured; the secondary exit option is to refinance and hold the property.
The borrower and project team
The developer has 20 years experience as Managing Director of a diversified family office – The focus on property development has delivered over $100m development projects across residential, commercial, industrial and retail development and investment. The sponsor has an exceptionally strong balance sheet that would support alternative exit options for the project.
The developers achievements have been recognised publicly including:
- Best Residential Development – Finalist – Property Council of Australia Awards 2021
- Best Medium Density Development – Winner – Urban Design Institute NSW 2000
- Medium Density Development – Finalist – Urban Taskforce Excellence Awards 2020
For this project, the developer, Cadcorr Pty Ltd, and builder, Verdecon Pty Ltd, are related entities directed by Oscar Done and Michael Correa, ensuring alignment between developer and builder interests. Verdecon is an established residential builder with operations in Sydney and Northern NSW.
Michael Correa is an experienced business leader and director with a career spanning financial services, construction, and commercial development. After three decades in international banking and global markets, he transitioned his expertise into building and construction.
Michael is currently a Director of Verdecon Pty Ltd and Byron Industrial & Commercial (BI+C). His BI+C business is focused on industrial and commercial developments in regional NSW, particularly the Northern Rivers. Verdecon has attained one of Australia’s only B-Corp certifications for residential construction.
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