$1 billion plus luxury project for north sydney

$1 billion plus luxury project for north sydney

October 2018
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$1 billion plus luxury project for North Sydney

Sydney-based real estate company Aqualand Australia, have decided to proceed with their $1 billion+ luxury residential project in North Sydney, after flagging a potential deferral earlier this year.

Current chief-executive John Carfi took the leadership position at the commencement of the current financial year and it was at this time that the project was in unsure waters. Mr Carfi has stated that he reviewed the strategy behind the development and decided to proceed rather than lock it down with leases for a future cycle.

The area’s recent rejuvenation and the company’s success in this style of development have been cited as reasons for moving forward, despite few other luxury projects in the area going ahead.

“We’ve got confidence in that North Sydney market and in that site,” Mr Carfi said.

Aqualand purchased the site, at 168 Walker Street North Sydney, in 2015 for $157.2 million and was then granted development approval in 2016. The permits allow for a four-tower complex on Walker Street, which will accommodate 415 luxury apartments. The project is expected to set new pricing benchmarks for the area.

The landmark residential development will take shape near the highly anticipated Victoria Cross metro station development; which Dexus, Lendlease and a Charter Hall consortium are currently battling for the rights to.

The current Walker Street building is due to become vacant in early 2019 allowing demolition to commence. Aqualand will use their own internal building company for the job.

Aqualand’s has recently completed two other luxury ventures, including the Revy in Pyrmont and the Blue at the Lavender Bay developments, both selling particularly well. They also have several other luxury projects currently up in approval stages.