Jul 23 2018Add to Favorites
Property developer and investor Zone Q has broken ground on its first Sydney residential project, Aqualuna, a prestige 63-apartment, $155M project in the blue ribbon harbourside suburb of Milsons Point.
Designed by globally-recognised architect Koichi Takada, the eight-storey boutique building launched to the market early in 2017 achieving 70 per cent of sales within three weeks.
Ceerose has now been appointed to deliver the apartments and expects a two-year build program.
Zone Q Project Manager, Andrew Wilkinson, says the business, which has recently grown its development pipeline to $200M and its Australian asset-base to $500M with a series of commercial acquisitions in Perth, Sydney and Melbourne, was excited to break ground on Aqualuna.
“We wanted our first project in Sydney to set a new benchmark in the market. It’s a verystrategic location for us as an entry to the Eastern Seaboard residential market and offers us the perfect platform to debut the kind of quality product Zone Q is becoming known for,” hesays.
“We’re delighted to be partnering with Ceerose and know that we have a great builder thatshares our commitment to quality.”
Ceerose Managing Director Edward Doueihi comments, “It is a privilege to be building what is set to become a landmark project overlooking Sydney’s harbourfront. Approximately 500workers will be employed during the construction phase. Demolition recently started and the main work is expected to commence later this month.
“The Ceerose name has become synonymous with constructing boutique residential buildings that epitomise luxurious living,” he says.
Aqualuna is located metres from the harbour foreshore; is within walking distance of Kirribilli village, Luna Park, North Sydney Olympic Pool and is only minutes by ferry or train to Sydney's CBD.
Home loan approvals have fallen significantly off the back of the APRA and the Royal Commission initiatives together with new Responsible Lending Criteria. The ABS recently reported that home loan approvals have fallen by 13.6% year on year and within that, investment loans have come back by c.20%
Off the back of successfully settling a $48m syndicated first mortgage for a residential apartment development in Sans Souci just weeks ago, Sydney-based real estate investment manager Centennial Property Group (CPG) opened a new fund with a focus on the industrial and logistics market, Centennial Industrial and Logistics Fund II (CIL II). The fund, available only to wholesale and private high net worth investors, opened on 1 November and was seeking to raise c. $38 million. CPG closed the fund less than two weeks later, well before the official close date, due to oversubscription.
Subscribe to the MP Report for more
Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.SIGN UP HERE >