This article is from the Australian Property Journal archive
MAXCAP will inject $82 million in construction funding into a new Perth residential and retail development, Shenton Quarter.
The commercial real estate financier and investment manager will provide the first mortgage construction facility to see the delivery of the mixed-use residential site, which is being developed by Iris Residential and Alceon Group. While Perth based builders, BGC will complete the construction of the project.
This will be the third high profile project in WA MaxCap has financed with Iris Residential and Alceon Group.
“We are delighted to be providing a first mortgage construction loan to Iris Residential and Alceon Group as experienced sponsors. They are both well known in the market and to MaxCap from previous projects” said Ben Jones, state director, WA for MaxCap.
Shenton Quarter will be comprised of 157 residential units, aimed at local owner-occupiers.
“We expect continued strong demand from the local owner occupier buyers’ market who will enjoy retail, transport and educational amenity- as well as business looking at the commercial leasing opportunity in the diversified mixed-use precinct,” added Jones.
There will also be space for 15 commercial tenancies also being sought out under a single strata title, with anchor tenant Coles Group already signed on to a 15-year lease at the development.
The development will also target sustainable design objectives, such as a 4-Star, at minimum, Green Star rating.
“This is a luxury development in the heart of City of Nedlands and City of Subiaco – two of the most sought after areas in Perth,” said Jones.
Shenton Quarter will include access to amenities such as the in-development Montario Quarter 6-Star Green Star community infill site, Shenton Park Strain Station and Shenton College, the local secondary school.
“The affluent inner west has recorded positive appreciation in home values in the 12 months to April 2021 and we are positive about further upside in this part of the Perth property market,” added Jones.
“This is reflected in significant presales of apartments at “Shenton Quarter” and strong interest in the commercial tenancies,” concluded Jones.
Shenton Quarter is scheduled for a mid-2022 completion.
