Fund manager Indigo Pacific Capital?s lending facility for the Logan Mixed Industry and Business Area is set to return over 25% a year.
The mezzanine financier’s $3.8 million facility has a three-year term with a base interest rate of 25%, in addition to bonus interest. Security is by way of a registered mortgage over the properties and a registered fixed and floating charge over the development company.
Indigo’s managing director Steve Mackay said the investment in the Indigo Group project was an important milestone in the company’s diversification across a range of property sectors.
“South-east Queensland is the fastest-growing region in Australia and the Logan MIBA industrial land subdivision project is right in the heart of this growth,” he added.
Located just 15 kilometres south of the Brisbane CBD, the 20-hectare MIBA is strategically positioned between Wembley Road and the Logan Motorway.
“The $55 million Logan MIBA is a great addition to our current investment portfolio across the various property sectors of commercial, residential, retail, subdivision and marina,” Mackay said.
With a combination of strong demand and limited land supply, Brisbane’s industrial market is set to expand in size by a record 7.5% in the 2007 financial year. Prime industrial rents also rose 13% in the year to September 2006, second only to Perth, according to CB Richard Ellis.
Australian Property Journal
