Asian-based non-bank lender OCP has funded Andrew Welsh’s latest acquisition of 32 hectares of residential land in Melbourne’s west to add to his Thornhill Park estate.

“We have a great partnership with them. They understand the development phases and cycle. Other forms of mainstream finance have dried up for quite a period of time.
“Although bank funding comes in at a lower price level, there is minimal flexibility in a challenging market. We wouldn’t be able to take these opportunities if we were chasing a low bank [lending] rate.
“It’s a good purchase price on good terms. Across market, prices are coming back,” he added.
Mr Welsh, worth $136 million according to the 2019 Young Rich List, played 162 games for Essendon before venturing into property development.
To date, Wel.Co has sold more than 1,500 lots at Thornhill Park. His latest acquisition, to be called Key West, has been amalgamated with an adjoining site to deliver over 800 lots combined.
Wel.Co is also developing the Armstrong Creek Town Centre in Geelong, with an end value of about $1 billion, as well as three other housing projects in Melbourne’s west.
Mr Welsh said the rebranding of his company followed a corporate restructure over the past 12 months which allowed him to take 100 per cent ownership of the business.
In July, Wel.Co notched up 90 sales across its portfolio, up from an average 15 per month over the previous 12 months.
“A large majority of our buyers are owner-occupiers taking advantage of the HomeBuilder grant,” Mr Welsh said.