QFG was engaged, by a repeat client, to secure a structured finance package for an iconic development on the Brisbane River at West End.

Finance for a 1^st mortgage was obtained at 80% of total development costs, this was sourced from a second tier bank. The loan amount was $61,000,000 PLUS a GST facility of $500,000.

A $12,800,000 preferred equity package was secured which represented 72% of the projects overall required equity.

The developer’s ability to secure a high level of presales within a quick timeframe through an excellent marketing campaign assisted with the success of the finance package, with 95% of the apartments sold off the plan.

VIDA is a direct riverfront apartment development over two 12 storey buildings. It is located within 2km of the Brisbane CBD in the vibrant hub of West End.

It features 144 one, two, three and four bedroom apartments and 5 bedroom sub-penthouses and two level penthouses, plus 209sqm of retail.

VIDA was designed by Cottee Parker architects.

QFG was engaged, by a repeat client, to secure a structured finance package in a regional location for a residential development.

Regional locations have, once again, proved difficult to secure finance in, especially where a 1^st and 2^nd mortgage package is required.

Finance for a 1^st mortgage was obtained at 80% of total development costs, this was sourced from a second tier bank. The loan amount was $12,000,000 PLUS a GST facility of $150,000.

A $2,500,000 2^nd mortgage was also secured to tailor off the finance package to suit the borrowers request; this additional funding took the overall LVR against total costs to 97%.

The developer’s ability to secure a high level of presales assisted with the success of the finance package, 53 units of the 56 in total were presold. For a project of this size in this location presales were essential.

The Gateway development is the first of its kind in the immediate area. Located next to a future mix-use development which includes a Coles supermarket and a small strip of retail, Gateway is an ideal location for apartment living.

Just 2km from the CBD, Gateway is also down the road from the Mackay Base Hospital and 5 minutes from the main shopping centre. Gateway has all necessary amenities in the immediate area.

The apartments are part of a block-wide mixed-use development including a retail precinct and freestanding homes, with the city’s second main shopping centre going up literally across the street.

The five-storey, architect-designed complex occupies the northern corner of the block and features one and two-bedroom apartments.

Product Mix – 56 Residential Units

34 x 1 bedroom apartments from $299,000

Average internal unit space 61m2

Average price $314,765

22 x 2 bedroom apartments from $400,000

Average internal unit space 80m2

Average price $418,364

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Property Exchange Australia (PEXA) is to be the real estate equivalent of the Australian Stock Exchange (ASX), according to a Marcus Price, chief executive officer of the system’s developer, National e-Conveyancing Development Limited (NECDL).

“It’s a similar process the ASX went through when they went from share script to a digital register,” Price says.

“It’ll be available to solicitors, conveyancers and banks as an electronic interface rather than the present paper-based system and we think it will be substantially cheaper than current conveyancing.”

Price says the system will be a world first.

“There are electronic lodgement systems in places like New Zealand… but we’re the first ones doing electronic settlement and lodgement concurrently.”

Information released by NECDL indicates PEXA will allow for transactions like new mortgages, mortgage discharges, transfers, settlements, caveats and notices to be carried out online.

Price says state governments and financiers are on board with the program.

“We currently have operating contracts with two of the registries in Victoria and New South Wales, as well as having contracts with three of the major banks.”

NECDL sees the systems implementation as a seamless process for property settlement.

“In an effort to provide the conveyancing and legal market with an end-to-end solution, PEXA will be integrating with information brokers such as InfoTrack to ensure effective and easy uptake of electronic settlements.”

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