This article is from the Australian Property Journal archive
FRASERS Property Australia has strengthened its capital partnership with international diversified group Mitsui Fudosan, and will deliver three apartment buildings with a combined end value of $797 million at the $2.2 billion Midtown MacPark masterplanned community in Sydney.
Frasers Property and Mitsui Fudosan are currently delivering the community’s first building, MAC Residences, in a joint venture established early last year. Now, the expanded 50-50 partnership will encompass four buildings, and deliver a total of 1,149 apartments and four terraces, located 13 kilometres north west of the CBD.
“Our growth strategy is to draw on our core capabilities and leverage the experience of our partners to create premium assets, and to recycle capital to pursue new opportunities aligned with our specialist expertise, particularly in large-scale, mixed-use community development and placemaking,” said Mark Gleeson, executive general manager investments.
The partnership with Frasers Property in MAC Residences was Mitsui Fudosan’s first foray into the Australian market, and the expanded joint venture at Midtown MacPark is their second.
Kenji Oka, managing director of Mitsui Fudosan Australia, said, “It makes sense to take our growth in the Australian market to the next level by contributing our expertise to a high-quality community development with a partner we know.”
Designed by Bates Smart, MAC Residences is the first building at Midtown MacPark and of the 269 apartments, only seven remain unsold, having proven popular with first home buyers, young families, singles and couples, downsizers, and investors.
Completion is scheduled in 2023.
The component named Treehouse will encompass 162 apartments and several unique green breakout spaces, as well as 1,000 sqm of ground floor retail space. Construction is expected to commence later this year and 43% of the apartments have been sold since launch.
The other two developments in the expanded joint venture are as yet unnamed. One will comprise 268 market apartments, 216 community housing dwellings and four terrace homes, with a targeted sales launch in March next year. The final building in the joint venture will feature 234 market apartments and is anticipated to be launched in the last quarter of 2024.
All four developments in the joint venture will feature rooftop solar installation and smart meters, and Real Utilities, the wholly owned licensed energy retailing business of Frasers Property Australia, will provide 100% Climate Active-certified carbon neutral energy to the buildings.
Similar carbon neutral innovations are planned for future developments in the community. Frasers Property is targeting a 6 Star Green Star Communities rating for Midtown MacPark and the vision is for the community to be carbon neutral in operation.
To be developed in stages over the next 10 to 12 years, the $2.2 billion Midtown MacPark masterplanned mixed-tenure community will integrate 3,300 apartments with a range of community facilities.
Midtown MacPark will feature open space, new amenity and infrastructure including a central Village Green, pocket parks and playgrounds, cycling and walking trails, a commercial pay-as-you go pool and gym, community centre, as well as shops, cafés and beauty offerings.
The Village Green, pool, gym and community centre will be delivered in line with the Treehouse development.
The expanded joint venture between Frasers Property and Mitsui Fudosan encompasses the delivery of the next 216 community housing dwellings of the total 954 community housing dwellings proposed at Midtown MacPark. The first 259 community housing dwellings at Midtown are on track for completion next year.
Frasers Property Australia has just unveiled a $500 million master planned community in Keperra, in Brisbane’s north west, which will transform a quarry site into a mix of house and land sites and Rothelowman-designed terrace homes.
