The Observatory

The Observatory

Address

40 William Street
Port Macquarie, NSW

Development

Acquisition of a motel site, converting to a 76 unit serviced apartments

The Developer

Thornet Pty Limited

Loan Amount

$4,100,000 Land bank
$28,000,000 Construction

End Value

$42,000,000

The Brief

DFP and its team were provided with a brief to convert the DA for 42 luxury apartments that had no market appeal, into a more suitable development based on the demographics and geographic’s of the site.
DFP were further requested to provide a funding solution to take the development through the reconfiguration of DA to the completion of the building, whilst having to manage the fact that 70% of the sales to be achieved where to until holders within the borrowing entity and therefore, not arm’s length.

The Solution

DFP’s Project Director David Hume and Director Baxter Gamble worked in partnership providing the extensive skill base to overcome the hurdles presented. DFP team achieved a reconfiguration of the DA in 16 weeks to allow 64, 1 and 2 bedroom units to be built, improving the site value significantly.
David Hume was appointed Development Manger dealing with all fascists third party appointments, and tendering to insure a timely and efficient delivery of the building. Baxter Gamble with his Credit Team provided a funding package to 75% of TDC whilst having the underwriter agree to accepting the non-arm’s length pre sales.