Feb 24 2017Add to Favorites
Carolyn Cummins, The Sydney Morning Herald
An 18-storey, DA-approved, 160-apartment site in the heart of Blacktown has been listed for joint venture or sale. The development, by Austcorp Property Group, is known as First on First – a reference to its First Avenue address – 2-6 First Avenue. The sale/joint venture process is being handled by CBRE and Matrix Property Group. First on First features three street frontages and is next to Blacktown Station and close to Westpoint Shopping Mall and Blacktown Hospital.
First On First comes to market after the sale of a Blacktown Council site next door for more than $22 million. The site was sold with a 12-month deferred settlement, and featured a yet to be approved design concept for a circa-200 apartment project plus commercial.
SOURCE: The Sydney Morning Herald
Residential developer Legacy Property is set to commence a syndicated equity raise for its 7th and final stage of Caddens Hill, with minimum investment amounts starting at $250,000, targeting 17.5% investment return over the twelve month construction period. Legacy Property has $3bn of projects completed and in progress consisting of c.3,600 dwellings . 14 projects have been completed with another 7 underway, gross completed project values range from $85m to $248million for each project.
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.
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