This article is from the Australian Property Journal archive
EG Funds Management has formed a new partnership with Newcastle developer Stronach Property.
Stronach Property is a third generation development company led by Keith Stronach, and has been active in the Hunter/Newcastle region since 1923, developing over 1,000 apartments in Newcastle as well as other commercial developments within the Hunter.
Stronach has acquired a 60% interest in the Herald Apartments project in Newcastle CBD with a gross realisation value of over $83 million. The development has nearly sold-out with only one apartment remaining. In total, the development comprises 116 apartments with a mixed-used retail component and a separate commercial offering.
“It was important to us to partner with a successful local developer in Newcastle,” EG CEO Adam Geha said.
“Stronach has provided invaluable local support and we respect their strong connection to the community and history of Newcastle,” he added.
Colliers International has been appointed sales agents and Richard Crookes have been appointed as master builders for the project.
Australian Property Journal
