This article is from the Australian Property Journal archive
QUALITAS’ new flagship Opportunity Fund has financed its first asset, a $107 million Iconic Waterloo apartment project by joint developers Thirdi and Milligan Group.
The boutique apartment conversion of the heritage Chubb building in Waterloo has already attracted strong presales, with 38 units sold – predominantly to owner-occupiers.
Qualitas will provide mezzanine finance to the project alongside the senior lender, NAB, to facilitate the purchase of the site and its ultimate development.
Qualitas managing director of real estate finance Tim Johansen said this is the first asset to be financed by the newly launched Opportunity Fund.
“The partnership with Thirdi and Milligan Group ticks all the boxes for the Opportunity Fund, including strong, risk-adjusted returns and a high level of trust in the team behind the project. We are confident they will deliver a successful, sought-after and profitable development with Iconic Waterloo,” he added.
The 76-apartment Iconic Waterloo project is located 4kms south east of the Sydney CBD.
Thirdi Group director Luke Berry said the combined track record of Thirdi and Milligan Group, and their network of industry recognised builders, architects and interior designers is set to create and deliver something truly ‘iconic’ to Sydney.
“It’s rare when we find a development offering the perfect balance of a timeless heritage building, industrially inspired design and bespoke apartments all in a single location.
“I knew we had something special when we set a new record in off the plan square meter rates in Waterloo, selling one of our larger penthouse apartments at an amazing $23,600 per sqm,” Berry said.
“This combined with 6 other penthouses selling at rates over $20,000 asqm is what sets Iconic apart from other developments in the area and will ensure that Iconic will set a new standard of living in Waterloo, well into the future.”
Australian Property Journal
