The Islington

The Islington

Address

Hoddle St
Collingwood VIC

Development

Five Level Mixed Use Development

Developer

Rathmines Investments Pty Ltd

Loan Amount

$24.6 million

The Brief

The subject property is a 3,687 m2 mixed use development site located at Collingwood, two kilometres from Melbourne CBD. The site is well situated in close proximity to several modes of transport, shopping and entertainment.
The proposed development is for the construction of a part five level mixed use development. The building will essentially be of a contemporary style and design, although incorporating the existing Islington Street facade and therefore blending a combination of older style and modern contemporary architecture, a popular design feature, particularly within the urban localities where planning policies promote retention of older style influences.
Although a mixed use concept, the development will mainly be residential, comprising a total of 90 standard studio, single and two bedroom apartments, most with attached balcony. The configuration being 1x studio, 73 x 1 bedroom units and 16 x 2 bedroom units. In addition, there will be seven two storey home office style suites extending along the Islington Street frontage, increasing the total number of apartments to 97.
Extending along the Hoddle Street frontage will be three mezzanine style office/showrooms together with a small restaurant. Carparking will be provided at ground and basement levels, incorporating 156 single and tandem spaces allocated to the residential and commercial units, the balance available for individual sale.

The Solution

We were able to achieve a facility at 83% of the total project cost, which allowed the proposed development to proceed with a minimum of pre-sales.