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.
Residential developer Legacy Property is set to commence a syndicated equity raise for its 7thand final stage of Caddens Hill, with minimum investment amounts starting at $250,000, targeting 17.5% investment return over the twelve-month construction period.
MP Funds Management (MPFM) has made its first investment of 2019, a co-investment with another group that MPFM has a successful and ongoing co-investment relationship with. The acquisition of the Crossroads Homemaker Supercenter (the subject property) is an opportunity of scale and dominance in one of Australia’s most significant growth regions. The centre offers an existing net lettable area of 47,997sqm on 143,997sqm land over 4 separate lots. 93% of the property income is underpinned by national retailers including Bunnings Warehouse, Freedom, Fantastic Furniture, the Good Guys and Nick Scali.
Dexus today announced its result for the half year and reaffirmed its guidance for distribution per security growth of circa 5% for FY19. Dexus Chief Executive Officer, Darren Steinberg said: “It has been a productive six-month period where we have added value through enhancing our development pipeline and attracting new investors to our funds management business. This has all been achieved while maintaining low balance sheet gearing. “In our office portfolio we continue to outperform the MSCI office benchmark1 over one, three and five years through driving higher rents and lower incentives, particularly in Sydney which has been reflected in property valuations during the period. “In our funds management business, we now have $15 billion under management with investors and partners that can invest alongside us through the cycle, reinforcing our objective of being the wholesale partner of choice in Australian property.”
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