This article is from the Australian Property Journal archive
REAL estate financier MaxCap has 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.
The 90-96 Johnson Street site will have 50 residential dwellings and a 2,000 sqm plaza known as The Bohemian, as well as basement parking for 166 vehicles and a residents-only rooftop pool beach club and recreation facilities.
It will be built on a major commercial and retail thoroughfare, about 550 metres from the main beach, in the regional and tourist centre of Byron Bay that has made a heady transition from a hippy enclave into a playground for celebrities and influencers. Rental vacancy rates have remained below or around 2% for over the last 24 months.
“We are delighted to once again be partnering with experienced award-winning developer, Luxcon on this project,” said David Oudshoorn, MaxCap NSW state director.
“Given the high-end product offering and lack of quality stock available, the apartments should appeal to both local owner occupiers – particularly downsizers, and high net worth property investors.”
MaxCap provided a $76 million construction debt facility a year ago to Luxcon’s apartment development, The Address, in East Melbourne.
Last month MaxCap beefed up its second hybrid fund to include eight properties, deploying the full initial $125 million of capital commitments across the portfolio as it moves into direct real estate investments. The portfolio spans Sydney, Melbourne and Brisbane with assets in the industrial, residential and office markets.
In partnership with developer Central Element it has also just launched a new wellness-led ultra-luxury apartment project to the market in Chatswood on Sydney’s North Shore.
