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Capital Bluestone partners with Aoyuan International

People & Companies / Latest News

Australia

Apr 05 2019

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New South Wales-based property developer Capital Bluestone is finalising plans to align itself with global development firm Aoyuan International.

Headed by Steve Grant and Ben Fairfax, Capital Bluestone has been operating for more than 28 years, with a track record covering residential, commercial, industrial and retail property development.

They have six projects across five sites including the award-winning Woolooware Bay Town Centre developed for landowners the Cronulla Sutherland Leagues Club.                                                                                                    

The move will see Capital Bluestone continue as a division of Aoyuan International, bringing both teams together to work across a portfolio of 16 projects in metropolitan Sydney and regional NSW markets, with further scope for growth.

Aoyuan International, which also has interests in Canada and Hong Kong, has built a stable of 10 projects including apartment and land sub-division sites in Sydney’s CBD, East, Inner West, North Shore and Southern Highlands since opening its doors in Australia in 2015.

It has most recently delivered its $380 million, 138-apartment luxury development One30 Hyde Park overlooking Hyde Park, at the corner of Elizabeth and Liverpool Streets in the Sydney CBD.

Adrian Liaw, Australian Head of Development and Director of Aoyuan International said “As part of a listed company, we have to maintain our growth trajectory, and this alliance provides a much stronger platform for us to undertake quality projects.”

Capital Bluestone Executive Chairman Steve Grant said “The beauty of this arrangement is that in a challenging time with the banking sector and accessing finance, Aoyuan International’s capital markets expertise and strength puts us in the box seat to become a highly competitive, major force in the Australian property industry for a long time to come,” he said.

Capital Bluestone’s business model has focused on forming joint venture partnerships with clients in the church, charity organisation and club sector, helping them to maximise assets and secure future income streams.

The businesses first worked together six months ago when Aoyuan International acquired a majority stake in one of Capital Bluestone’s development management projects, the 252-apartment, retail and commercial Esplanade Norwest. 

Mr Liaw said: “The Esplanade deal indicated a simpatico between our businesses in our approach to delivering quality communities. We could see the bigger picture of working more closely together, leveraging their successful joint venture business model and extending our reach into ventures with government and not-for-profit organisations.

“We have a high regard for Capital Bluestone’s capability and reputation in the market and feel they’re a very good fit for our current portfolio and team,” he said.

Capital Bluestone Managing Director Ben Fairfax said cultural fit and focus had been a key consideration for both businesses.

“Capital Bluestone’s guiding principle has been around creating high-quality, strong, healthy and sustainable communities of the future, and enhancing the neighbourhoods we operate within.

“This is also Aoyuan’s philosophy, so we already share some very important common ground.

“Capital Bluestone has a depth of experience working with groups in the not for profit sector to optimise their assets and structuring development which creates revenue streams for them.  

“We’re keen to explore how we can utilise this experience and knowledge to work with more groups in the sector and with government to provide more affordable and social housing as well as residential development.   

“This is an excellent opportunity for us to add more diversity to our portfolio and expose our team to new projects and experiences,” he said.

About Aoyuan International

Aoyuan International is a subsidiary of Hong Kong listed China Aoyuan Group, aimed at propelling the investment, development and operation of properties outside mainland China. Aoyuan International currently operated in Sydney Australia, Vancouver Canada, Toronto Canada, Hong Kong and Macau.

Aoyuan International specialises in the investment and management of property development projects and has proven its strength and capabilities worldwide after a number of years of rapid expansion. 

In Australia, the company has focused on using local development and design experts to bolster an Australian division firmly focused on delivering projects suitable to the needs and expectations of the domestic market.

Aoyuan International made its Australian market debut in 2015 with the newly completed high-end CBD project One30 Hyde Park. The success of One30 Hyde Park was followed closely by projects Maison 188 Maroubra and Mirabell Turramurra which were completed late 2018, and Altessa 888 Gordon, Adela Burwood and Esplanade Norwest.

About Capital Bluestone

Over the course of the past 28 years, Capital Bluestone has delivered more than $2.5 billion in total project completions and has a current project pipeline valued at more than $2 billion.

Capital Bluestone has earned a strong reputation for its approach to community-focused development, such as its flagship $750m Woolooware Bay Town Centre project in Sydney’s Sutherland Shire. This award-winning project will deliver approximately 880 apartments, a new shopping, dining and entertainment precinct and a rejuvenated new club environment for the Cronulla Sutherland Leagues Club.

The company is also nearing completion of a project with Kogarah RSL which will see the club furnished with brand new facilities, retail and dining offerings at ground level, above which will be 220 apartments across two 11-storey buildings. These residences have been hugely popular with investors and owner-occupiers wanting a contemporary new home close to a key employment hub and major transport links.

Previously, the company was involved in the delivery of the $280m Esplanade Norwest Lake mixed-use integrated lifestyle community, while its current projects in planning stages include work with Bondi Junction RSL and Parramatta Mission.

 

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