This article is from the Australian Property Journal archive
SYDNEY developer Virtical has completed a hat-trick of acquisitions in quick succession, buying the former Europcar site in Newcastle West for $8.1 million with plans to immediately begin construction of a mixed-use project with 78 luxury apartments.
Virtical has this week announced the $19 million acquisition of the largest undeveloped landholding in Southport on the Gold Coast, which has approval for a four-tower complex soaring up to 71 storeys with 1,156 apartments and 137 build-to-rent dwellings, and its $25 million purchase of Melbourne CBD’s Adelphi Hotel.
Formerly known as Core Asset Development, Virtical has now picked up 20 Denison Street, where development approval has already been granted. The project also includes parking for 97 car, two ground-floor commercial suites and a top-floor restaurant and bar.
“We are very excited about the unique opportunity to put Newcastle West on the map for residential, following the great development activity in the CBD and Honeysuckle area over recent years,” said Mark Toma, a director of CAD.
“Situated close the Newcastle Interchange and major retailers, our development sits in the heart of the Newcastle Urban Renewal Strategy and we plan to make the development a jewel in the city’s crown”, he added.
Virtical has engaged Construction Consultants as project manager and in discussions with architects Tonkin Zolaihka Greer to refine the design of the 20-storey building, covering 7,487 sqm, with apartments featuring balconies and full-length glazing to take in the views of the harbour and beaches.
The building will feature one, two, three and four-bedroom apartments plus a rooftop bar and restaurant.
Completion is expected in early 2025.
In Melbourne, Virtical has pencilled in the Adelphi Hotel for a renovation and expansion play.
Located at 187 Flinders Lane, the hotel has 34 guest rooms and features a famous glass-bottomed rooftop swimming pool that reaches out over the street nine storeys below, as well as a cocktail bar, events space and boardroom.
