This article is from the Australian Property Journal archive
VERSATILE Group’s newly launched Sydney-based development company PERIFA is teaming up with Abadeen on a $240 million waterfront project in Putney.
Pier 20 is located on a 15,870sqm waterfront site at, 20 Waterview Street, around 24km north-west of the Sydney CBD, Stage 2 development application proposes the refurbishment of the Halvorsen’s boatshed to establish a dining and commercial precinct with a number of residential apartments and a 36-berth marina.
With 300m of water frontage, the two three-storey residential buildings will comprise one-, two- and three-bedroom apartments.
“We are confident that the mix of townhouses and apartments, together with a curated food and beverage and a new marina will be a unique offering when the project is brought to market in 2024,” said Joe Tack, chief operating officer at Abadeen.
“We’ve known the executive team from PERIFA for a long time and are looking forward to bringing the combined expertise together to deliver an exceptional outcome for the community.”
The partnership between PERIFA and Abadeen has been strengthened by the backing of equity partners Mitsubishi Estate Asia Pte. Ltd and Phoenix Property Investors respectively.
“Our partnership with Abadeen supported by Mitsubishi Estate Asia and Phoenix Property Investors will allow us to transform this unique site into a premium mixed-use development, with retail, dining and residential on Sydney’s harbour front,” said Fabrizio Perilli, co-founder at PERIFA and managing director at Versatile Group.
“In the Australian market, and especially in Sydney, we know there’s ongoing demand for premium accommodation in waterfront locations, especially when there are amenities and entertainment on the doorstep,” said Yuzo Nishiyama, head of Australia at Mitsubishi Estate Asia Pte. Ltd.
“Our investment into Pier 20 marks the beginning of our relationship with PERIFA, and we are excited by the opportunity to joint venture the development with Abadeen and Phoenix Property Investors, and we look forward to combining our shared global and local experience and capability to deliver this unique development in NSW.”
The development sits within close proximity of Putney Village and boasts immediate access to major retail amenities and on-foot access to ferry stops, trainlines and local parks.
“Having significant experience in the adaptive reuse of heritage buildings, we are excited to be part of this important restoration for Putney,” added Perilli.
Pier 20 is expected to be completed by FY27, with a total development cost of $240 million.
