This article is from the Australian Property Journal archive
Valad has invested $20 million in a $500 million residential community development at Paradise Point on the Gold Coast.
The waterfront development by the Marsim Group comprises 470 dwellings and 70 marina berths over four stages on 11ha site.
The Gold Coast City Council has approved the project masterplan for 470 dwellings in a range of medium density product, including 352 apartments within 11 buildings ranging from 3-6 levels as well as 118 villa/town homes, supported by common facilities and 70 marina berths.
Valad’s chief executive of funds management Paul Notaras said this is first joint venture with the Marsim Group and is consistent with the Valad Capital Services business strategy of partnering with proven property developers in strong markets providing a structured finance solution.
“The Paradise Point development will create a lifestyle community neighbouring the prestige Sovereign Island and Ephraim Island developments fronting the Gold Coast Broadwater,” Valad Capital Services head Alastair Wright said.
“This project is perfectly positioned to cater for the region’s growing population and specifically the limited future supply of quality community-based developments targeting owner occupiers.
“It is a unique site with surrounding deep water frontage and views to the ocean and Surfers Paradise,” he added.
“We see this as the start of a long relationship with Valad,” Marsim Group’s Murry Offord said.
“We believe Valad can add value both through the provision of capital and their extensive property and financing experience,” Offord said.
The $20 million Valad Capital Services investment relates to the land acquisition and development of the site.
Balmain NB brought Valad and Marsim together for this transaction and will be arranging debt finance for the project.
By Adam Parsons
