This article is from the Australian Property Journal archive
REAL estate financier MaxCap Group has again teamed up with developer Metro Property Group, this time for a $100 million luxury townhouse project next to Pymble Golf Course in Sydney’s affluent North Shore.
Fairview, St Ives, located at 46-50 Cowan Road, will comprise 24 oversized luxury townhouses designed to maximise views and aspects of the directly adjacent golf course.
St Ives is 20 kilometres from the Sydney CBD and is close to St Ives shopping precinct, prestigious schools, hospitals, the Northern beaches and bordered by national parks.
Local owner occupiers are expected to show keenest interest.
Smaller, boutique projects continue to perform strongly in the current macroeconomic environment, according to the partners.
The end value for development will be in excess of $100 million, with construction due to commence in 2023 and completion forecast for 2024.
“We’re delighted to partner with Metro on this fantastic project. We have forged an incredibly strong relationship with Luke Hartman and the Metro team and in the last 18 months have partnered together on four projects with an end value of almost $300 million,” Joe Vincent, director, direct investments, MaxCap Group,
MaxCap also recently provided a land and construction debt facility for Metro’s Canopy, Crows Nest townhouse project which is scheduled for completion in early 2024. Creation Homes Group, Metro’s building arm, will construct the development. Metro and Creation Homes Group have completed over 50 projects, delivering more than 2,000 homes across Australia annually.
MaxCap last month announced it was providing a first mortgage land and construction facility to Orchard Piper for an upcoming $120 million residential, office and retail project in the blue-ribbon Melbourne suburb of Toorak, and also provided a first mortgage land facility to assist Luxcon Group to acquire Byron Plaza in booming Byron Bay, where it will redevelop the site into luxury apartments and new retail precinct.
