Merricks Capital provided Construction Finance for the speculative landmark office tower in Cremorne.

• $240M end value office tower 
• 20,000 sqm of office space
• Construction Finance provided in July 2020 during a period of uncertainty due to Covid-19

Designed by Cox Architects, the A grade tower comprises 20,000 sqm of office space with generous floor plates ranging from ~1,700 sqm to ~2,600 sqm.

Cremorne has undergone a significant transformation during the last 2-3 years with several new office developments replacing former warehousing and cottage residential uses. Major occupiers to pre-commit to the precinct include Reece, REA, Domain Group, MYOB, and Seek.

The precinct is being increasingly recognised as a preferred location for major occupiers outside the Melbourne CBD. The site is supported by both tram and train, East Richmond Station is approximately 150 metres to the North.

The developer had stopped works on site due to another lender pulling out of their funding commitment at the last moment due to Covid-19. Merricks Capital was able to step in quickly and provide funding certainty to both the developer and the builder, and the builder was able to recommence works on site.

Merricks Capital have partnered with Harmony Agriculture and Food Company to provide a $30m finance package over 24 months. Working closely with Harmony CEO Anthony Fellows, Merrick Capital provided a tailored capital solution supporting growth and restructuring of the business.

Harmony is a producer of premium, grain-fed wagyu beef for domestic consumption and export markets They feed 17,000-head cattle across three feedlots including two owned facilities at Dimboola in western Victoria and Westbeef at Kalannie, WA, and custom-feeding F1 Wagyu at Hell’s Gate, southern NSW.

Anthony Fellows, CEO of Harmony said – “In seeking re-finance options, multiple parties expressed interest in offering solutions to the business. The decision to proceed with Merricks Capital was driven by their strong understanding of the agricultural sector, further enhanced by their presence in soft commodities. This was deemed essential to mitigate risk in an ever-increasingly challenging commercial environment.

Merricks Capital have provided capital to finance the second phase of construction for 51 Albert Street in Auckland’s CBD, soon to be one of Auckland’s tallest buildings.

The project, led by developer Ninety Four Feet and builder Icon, recently commenced its 36-month build upwards to become Auckland’s premier residential tower and hotel.

Designed by Scott Carver, 51 Albert Street will comprise a new 43 level development containing a 225 room, 5 star hotel. The hotel will be branded ‘Hotel Indigo’ and operated under a Hotel Management Agreement with the InterContinental Hotels Group (IHG), the first Hotel Indigo in New Zealand.

The top levels will also include 30 luxury residential apartments with sweeping harbour views to the west and surrounding city views to the south. Two ground floor retail tenancies will anchor the development, which is scheduled for completion in 2024.

MC Power is currently constructing a greenfield 10 MW grid connected solar power plant in the Northern Territory. The project is due for construction completion in December 2020 and will produce approximately 27.7 GWh per annum. The Batchelor Solar Farm will add generation capacity to the Darwin-Katherine network and contribute to the NT Government’s target of 50% electricity supply from renewables by 2030.

• Located in Batchelor, Northern Territory, approximately 100km south of Darwin
• Term debt finance by Northern Australia Infrastructure Facility
• Grid Connection – Power and Water Corporation
• Asset Management – BE Power Services

100% of the energy produced will be purchased by Rimfire Energy, a privately owned electricity retailer in the Northern Territory, pursuant to a 25-year Power Purchase Agreement. The provision of competitively priced generation to Rimfire will facilitate lower prices to consumers and business in the NT and support a more competitive market.

Merricks Capital has provided $145m in construction funding for the redevelopment, integration, and extension of two existing office buildings across 32-34 York Street and 36 York Street in Sydney.

Upon completion, the asset will become a boutique A-grade mixed-use office building comprising approximately 8,000 sqm of office space and 600 sqm of retail space.

Designed by SJB, the project features boutique open plan floor plates, natural light via a new glass curtain wall façade to the York St elevation, terrace areas on the upper two floors, and a modern basement level with end of trip facilities.

Merricks Capital provided Construction Finance for the mixed use project comprising 131 residential apartments and a 122 room MGallery by Sofitel 5 star hotel.

• $386M end value
• Significant pre-sales coverage
• Construction Finance provided in November 2018 after a major bank pulled out of funding at the last moment

The project is located in a prime position in the southern portion of Sydney CBD near Hyde Park and is on the corner of Castlereagh St and Bathurst St.

The construction will result in a 37 storey mixed use tower that will be 114.5 vertical metres above street level with a 11 storey podium. The development will keep and refurbish the existing heritage listed Porter House building which was first built in 1876. Porter House is a rare commercial Victorian building which remains within the city and is five storeys high.

Merricks Capital was able to provide construction finance to the developer after they had gone through a lengthy process with a major bank and were unsuccessful in attaining finance despite achieving substantial pre-sales.

Merricks Capital has partnered with Van Dairy Limited (VDL) to provide a $57m debt facility for the Group’s dairy farms in Tasmania’s North Western tip.

VDL is Australia’s largest and oldest dairy company and was founded in 1825 and runs more than 30,000 head of cattle.

The 18-month loan will stabilise the business and allow them to execute the next stage of its growth strategy.