The opportunity exists for qualifying wholesale investors to invest in the following Auckland property Development at 3370 Great North Road, Glen Eden, West Auckland.
Class A Shares issued by Westwood Terraces BRE Limited returning 9.95%p.a. on your investment (paid monthly) for a forecast term of 12-15 months, with a further share of the potential profits of the Development on Completion (total forecast return to Investors 14.5% inclusive of the 9.95%p.a.).
Class A Shares rank behind the Construction Loan and ahead of all other shareholders.
The Development consists of 10 architecturally designed residential terrace house and apartment Units, with allocated parking and landscaped grounds. 2 Units have already been presold, and a full marketing campaign has just started with Ray White Projects.
The Development has been granted Resource Consent from Auckland City Council, and a Construction Loan is in place to complete construction which has commenced.
3370 Great North Road, Glen Eden is located immediately to the east of the Kelston Shopping Centre at the intersection of Great North and West Coast Roads. Opposite Kelston Girls High School, the property is within easy walking distance of the Fruitvale Road train station and bus services to New Lynn with connections to other parts of Auckland.
A hot property market
Auckland has experienced a recent surge in house prices, increasing $45,000 to a median selling price of $1,000,000 from September 2020 to October 2020 . The national median selling price is up 19.8% from October last year.
“The strength of the market was underscored by strong sales volumes, with 8830 residential properties sold in October. That was the highest number of properties sold in any month of the year since May 2016 and the highest in the month of October since 2006.” Interest.co.nz, Greg Ninness, Property Editor
- Offer Close:
- Extended to 5pm 23 December 2020 - Westwood reserves the right to extend the Offer close date but this date will be no later than 31 January 2021.
- Class A Shares will be allotted on the Allotment Date, which is the day following Offer Close. Allotment is subject to the conditions as set out in the full Information Memorandum.
- Expected first dividend payment:
- Expected to be one month after the Allotment Date (or such later date as determined by the Directors). Dividends are calculated from the date applications from Investors for subscription are accepted by Westwood, and subscribers have deposited cleared funds into the nominated bank account.
- Independent Director:
- An independent director has been appointed to represent Class A shareholders and to ensure best practice in corporate governance.
Register your interest to gain access to the following information in the Investor Bundle:
- Full Information Memorandum
- Bayleys Valuation 02 September 2020
- Construction Loan Facility
- Westwood Terraces BRE Limited Financial Accounts dated 19 November 2020 for the period 1 February 2020 to 6 November 2020
- Project Management Contract dated 19 November 2020
- Quantity Surveyor Cost Estimate Peer Review Report
- Quantity Surveyor Consultant Agreement
- Tax advice from Carl Brandt
- Letter from Esperance Capital Limited
- Independent Director letter of engagement
- 3370 Great North Road Certificate of Title Westwood Terraces BRE Limited
- Certificate of Incorporation Westwood Terraces BRE Limited
- Resource Consent LUC60355021
- Westwood Terraces BRE Limited company constitution
- Westwood Terraces Marketing Floor Plans
- Westwood Terraces Specifications List
- Subscription and Shareholders Agreement