Strategy and vision
Developer Fergus Stokes is seeking construction financing for 3 x three bedroom premium townhouses on a 834sqm site situated in Towradgi, a beach side suburb in north Wollongong. The current raise of $450,000 will be used for the next phase of construction.
The subject property is located in Towradgi, approximately 5 kilometres north of Wollongong and 2 kilometres south of Corrimal. Towradgi is a well-established residential area characterized by a mix of single-family homes of various ages and styles, all within one kilometre of Towradgi Beach. Its central location provides convenient access to essential amenities such as schools, transportation, retail outlets, and recreational facilities. This prime positioning ensures high visibility and easy accessibility for residents. Given its strategic location and property characteristics, the site is well-suited for medium-density development, offering the potential to enhance the streetscape with thoughtfully designed, contextually appropriate housing.
This project and projected end value price (GRV) has been substantiated by an independent valuer.
The progress of the project is reviewed by a Quantity Surveyor at each progress claim/draw down. The build is currently on schedule with no delays anticipated. The current cost to complete is within the available facility limit.
The total facility loan period is 15 months.
Exit strategy
All townhouses will be sold upon completion. No pre-sales were required to commence construction. A sales campaign will commence with construction – Q2 2025.
Investing in the Loan Interests described in this Term Sheet comes with risks, and neither the Trustee nor CrowdProperty guarantees your capital or any specific return. It’s important to review the “Risks” section of the relevant disclosure document to understand the possibility of losing income or your investment and potential delays in repayment.
The borrower and 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 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 the Wollongong area. The developer has previously worked with the builder on 2 other projects.
The developer has passed all of our financial underwriting and credit checks.
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