Banner Asset Management finalise funding on $36 million townhouse project in Wallan
The $36 million townhouse development in Wallan, Neo at Newbridge, has finalised funding as stage five of construction completes, with Banner Asset Management funding the 71 three and four-bedroom residences through a first mortgage development facility.
Banner Asset Management’s funding commenced in 2020 and has delivered strategically towards the development of Melbourne’s northern growth corridor.
Resimax Group are delivering the project in collaboration with Tick Homes, with the duo already securing a number of sales in the project that forms part of the masterplanned Newbridge estate.
Render inside one of the Neo at Newbridge townhouses. Image supplied.
The number of pre sales, coupled with the popularity of this up-and-coming area, provide solid investment returns. At the commencement of funding, over 20 per cent of lots were sold.
Partnering with reliable builders and developers has assured a smooth, efficient process that helps to address the ongoing housing crisis and the demand for urban, community living outside of metropolitan areas.
Nicholas Lakin, Chief Lending Officer at Banner Asset Management, said rural populations are increasing in number, and there is a particular demand for affordable urban living beyond the CBD.
"We're seeing many investors take advantage of these strategic opportunities to buy multiple properties in master-planned communities,” Lakin said.
Spanning six stages, the project will deliver single and double-storey townhouses with high-quality, modern finishes.
Each home has at least a six-star energy rating and comes complete with high quality finishes, ensuring that the townhouses are ready to move into, which makes them an ideal residence for first-time home buyers, downsizers, and families.
Just a short walk from Wallan train station, the townhouses are a 40-minute commute from central Melbourne, while the project is also located near respected schools and sports facilities.
Render of one of the Neo at Newbridge townhouses. Image supplied.
“This has been a smooth, high-quality process from start to finish. Working in partnership with Resimax Group and Tick Homes has made for an efficient and profitable build, and I expect Neo at Newbridge to have a tremendous impact on the Wallan community,” Lakin added.
Gareth Jones, State Development Manager at Resimax Group, said the high number of pre sales and quick settlements reflect the huge demand for properties in master planned communities.
“Working alongside Banner Asset Management, and our effective relationship with Tick Homes as our building partner, has ensured a rewarding outcome. Residents can now enjoy the properties for generations,” Jones said.
