Some investors may recognise the name Velocity Property Group (“Velocity”), a repeat borrower with GPS, who are back again with their latest development on Oxford Terrace, Taringa.
Brendon Ansell, Managing Director of Velocity, is well known to GPS, as we have funded three of his previous projects; Hawthorne Road, Bulimba, Princess Street, Bulimba and Annie Street, New Farm. Brendon has over 15 years’ experience commencing as a financier for property development clients before moving full time into property development.
Velocity was established to take advantage of growth in development of prestige residential projects in Brisbane’s more desirable and upmarket suburbs.
This latest development has been divided into two separate loans, seven units over four levels and eleven residential townhouses over three separate buildings. Both are aimed at high-net worth local owner occupiers, with high quality fixtures, large floor plans and other additional features including solar power, media rooms and lifts (available within each townhouse, if desired by the owner).
The development is located 5 kilometers west of the Brisbane CBD, close to public transport (trains, buses and Citycat), schools (Ironside State School, Brisbane Boys College and the University of Queensland) and shopping (Indooroopilly Shopping Centre and Toowong Village).
Marketing for the project is underway, but it is not expected to ramp up until closer to completion due to the target market. Currently the townhouse project is 26.07% complete and the units are 30.70% complete. Construction for both is moving quickly and these loans may only be available to investors for a short time.
39 Ellerslie Pty Ltd (Townhouses) and 39 Ellerslie Pty Ltd (Units) are currently open for investment. Please contact Olivia for a copy of the SPDS’s on 1800 999 109 or firstname.lastname@example.org. Photographs taken 18 December 2018.