Site

• The land is currently built on with a detached house comprising multiple extensions and conservatories. It has a large garden to the rear and parking court to the front
• The total area of the site is approximately 765m2
• Topographically, the site is on a gentle gradient which broadly falls from east to west
• The site is not in a Flood Zone or within any area of heritage protection

Acquisition

• The site was identified through our internal direct sourcing processes
• Agreed purchase with the Vendor being conditional on obtaining planning approval for residential development of the site
• Because of the purchase being conditional on planning, we were able to agree with the Vendor a price above market value

Finance

• Given the purchase is subject to planning permission, there is no upfront cash outlay to purchase the site
• Red Banksia incurs all costs associated with obtaining planning permission to develop the site. These costs are paid solely by Red Banksia, with no cost to the Vendor
• We will explore our opportunities to develop the site using development finance when the outcome of our planning application is known

Planning

Demolition of the existing dwelling and redevelopment of the site to provide nine flats in a four storey building with associated landscaping, parking, cycle storage and amenity space.

Schedule of Accommodation

Note GIA = Gross Internal Area (Code of Measuring Practice, 6th Edition) and does not include communal areas.