Overview

Bank of China provides a $65.789 million AUD loan for the New Charsfield Development Project

Commitments (Constant USD, 2023)$53,352,066

Commitment Year•2016Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2016

Start (planned): Jan 1, 2016

End (actual): Jan 1, 2020

Geospatial footprint

Map overview

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The proceeds of this loan were to be used by the borrower for the development of the New Charsfield residential apartment building at 478 St Kilda Road, Melbourne, built on a site adjacent to a Victorian-era mansion that served as Hotel Charsfield. Specifically, the New Charsfield building consisted of a 18-story 69-apartment building with luxury apartments, a garden terrace, a resident's lounge with open fireplace, private dining room with kitchen, a library, and concierge services. More detailed locational information can be found at: https://www.openstreetmap.org/way/333403019

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

478 St Kilda Rd Development Pty Ltd

Implementing agencies

Private Sector

Hamilton & Marino Pty Ltd
Rothelowman

Loan desecription

Bank of China provides a $65.789 million AUD loan for the New Charsfield Development Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In or around 2016, the Bank of China entered into a $65.789 million AUD facility agreement with 478 St Kilda Rd Development Pty Ltd — a special purpose vehicle (SPV) of real estate developer EBG Developments Pty. Ltd (Ever Bright Group), a sister company of Chinese privately-held real estate group Yongchang Real Estate Group Co., Ltd. — for the New Charsfield Development Project. The proceeds of this loan were to be used by the borrower for the development of the New Charsfield residential apartment building at 478 St Kilda Road, Melbourne, built on a site adjacent to a Victorian-era mansion that served as Hotel Charsfield. Specifically, the New Charsfield building consisted of a 18-story 69-apartment building with luxury apartments, a garden terrace, a resident's lounge with open fireplace, private dining room with kitchen, a library, and concierge services. EBG was the developer. Hamilton Marino served as builder. Rothelowman served as architect. Construction was expected to begin in early 2016. As of November 2018, construction was ongoing, with completion expected for early 2019. The project was completed sometime in 2020.