Former Essendon football player Andrew Welsh has secured a $105 million finance facility from Hong Kong-based hedge fund OCP Asia to fund the delivery of his latest development property in Melbourne's West.
The project includes a 1300-lot house and land estate in Rockbank, which is spearheaded by Andrew and his farther Graham of Welsh Developments. The deal comes as Metro Property Development also secured $90 million senior loan from OCP Asia to fund the construction of an apartment tower in Brisbane.
Mr Welsh said it was difficult for developers to source commercial bank funding for greendevelopment. "We are pleased to have found a fund-ing partner that understands the ebbs and flows of development' he told the Australia Finanical Review.
Welsh Developments have a pipeline of over 2,000 house lots and is rumoured to continue to make a significant play on the West of Melbourne.