Strategy & vision
PROJECT OVERVIEW
Fergus Stokes is developing a 3 x three-bedroom townhouse project on a 804m2 site situated in East Corrimal. The total loan facility is $3.2m which covers site acquisition costs as well as funding for the entire construction phase. Planning approval has been issued. The total construction is expected to last 15 months.
This raise of $260k represents the 5th of 9 phases of funding to cover ongoing construction costs.
LOCATION AND SITE OVERVIEW
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 kilometres south of Sydney, this charming locale boasts the breathtaking Corrimal Beach as its centrepiece. 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.
Exit strategy
The developer plans to sell the 3 townhouses once build is complete.
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.