This article is from the Australian Property Journal archive
INDUSTRY superannuation fund Hostplus has signed on as a partner with Villawood Properties for the $400 million development of the Helensvale project in south-east Queensland.
Villawood Properties acquired the 86ha Helensvale site in August 2014. The project is expected to launch in mid-2016. Located 15kms north of the Surfers Paradise CBD and 63km south of the Brisbane CBD, it is the last major residential development site of this scale left in Helensvale. The joint venture will deliver more than 600 lots of the Helensvale project, which upon completion will feature at least 2000 dwellings, with an end value in excess of $1 billion.
Villawood Properties co-executive director Tony Johnson said the signs are highly positive for new residential development in southeast Queensland.
“It was an outstanding acquisition when purchased last year and since then has become even more so, offering as it does, the very best of this highly desirable region.
“This partnership will position us even more strongly to deliver in what are already strong market conditions and with the benefit of such a favorable location,” Johnson said.
Co-executive director Rory Costelloe said the partnership builds further on the company’s reputation.
“We see this joint venture as a good commercial and cultural fit. Villawood Properties is committed to ensuring that its activities benefit investors and the broader community.
“This partnership is a logical next step as we continue to expand the scale and the scope of our projects and it will be among the highlights of what promises to be a momentous 2016 for Villawood Properties, with 10 new communities planned for launch along the eastern seaboard,” Costelloe said.
The JV will be managed by ISPT as part of its residential mandate with Hostplus. The allocation represents the fourth investment by ISPT on behalf of Hostplus in 12 months.
ISPT Development & Opportunity Funds fund manager David McFadyen said strong demand fundamentals in the south east Queensland market and the property’s unique positioning with immediate access to a range of amenities and transport infrastructure made this investment highly desirable.
The partnership marks the second time Villawood Properties has entered into an arrangement with ISPT. On the previous occasion it invested in the highly successful Alamanda Project in Melbourne’s Point Cook in 2007.
Australian Property Journal
