ACCOLADE CONSTRUCTION UPDATE
The team in conjunction with Bitu-mill is very proud to see construction progressing strongly at Accolade. Stage 1 – Civil phase is 55% complete, Stage 2 – Civil phase is over 40% complete, while Stage 3 Civils are 35% complete. Titles for Stages 1 to 3 should be delivered in Q2 2019.
A Land Development Agreement in essence allows the Landowner to put the land in the deal, have the security of staying on title and share in the development upside in a tax effective manner whilst the developer takes the risk in developing their land.
Tighter lending by the major banks and a drop in demand from buyers is seeing broadacre prices easing in Melbourne’s growth areas in 2018 and this will challenge many land owners who are planning on selling their land at pre 2018 prices.
Resi Ventures is proud to announce that top level civil contractor Bitu-Mill has been appointed to construct the first 3 stages of the estate comprising 101 lots.
Resi Ventures has secured $27 million from Wingate House to fund construction of the initial stages of its $200 million residential housing estate Accolade in Rockbank in Melbourne's West.
It is very positive that private debt providers were prepared to support experienced developers as the banks continued to retreat from lending across Melbourne’s growth zones.
The partnership with Wingate is built from them having an in-depth knowledge of our business such that they can offer advice on how to de-risk our projects allowing them to tailor a funding package that offers flexibility so we can scale our projects dependant on demand.