Mustera Gears Up for McCabe Street Launch Amid $4.5M Forbes Sales

Project Progress and Sales Momentum

Mustera Property Group Ltd has provided a detailed update on its activities for the March 2025 quarter, highlighting significant progress on its McCabe Street development in North Fremantle. The 42-apartment, eight-storey project, which boasts views of the Swan River and Indian Ocean, is moving steadily through design development. The company is finalising project costs with its quantity surveyor and has engaged selling agents to strategise marketing and pricing ahead of a planned sales launch in the third quarter of 2025.

Meanwhile, at the Forbes Residences in Applecross, Mustera has successfully settled sales worth $4.5 million during the quarter, including one commercial unit for $2.2 million and a residential apartment for $2.3 million, the latter settling in April. Despite these sales, several units remain available, indicating ongoing marketing efforts.

Financial Overview and Operational Costs

The company reported operating expenses of approximately $847,000 for the quarter, covering staff costs, administration, and corporate overheads. Interest and finance costs added another $122,000 to the expenditure. These figures reflect the ongoing investment in development activities and corporate functions as Mustera advances its project pipeline.

Mustera’s cash position at the end of the quarter stood at $1.349 million, supplemented by unused financing facilities of $51,000. The company maintains secured loan facilities with Harvis Finance and NAB, providing a total credit line of $25.78 million, with $21.67 million drawn as of quarter-end. Notably, the Harvis Finance facility, carrying a 9.75% interest rate, is set to expire in June 2025, while the NAB facility extends to June 2027 at a 6.55% rate.

Looking Ahead

With the McCabe Street project’s sales launch on the horizon, Mustera is positioning itself to capitalise on the strong demand for quality apartments in Perth’s riverside precincts. The construction of a display suite and preparation of comprehensive marketing materials signal the company’s readiness to engage buyers actively. However, the company’s ability to convert remaining units at Forbes Residences and manage operating costs will be critical to sustaining momentum.

Payments to related parties amounted to $154,000 during the quarter, primarily covering directors’ remuneration and administrative services. This level of related-party transactions appears consistent with prior periods and reflects ongoing corporate governance practices.