- MaxCap Group to fund $80M Brewery Yard redevelopment by IP Generation
- Heritage-listed exterior to be preserved, while interior to become commercial office space
- Final installation in Central Park Precinct, while technology precinct awaits major overhaul
Real estate financiers MaxCap Group have announced $80 million in funding will go towards IP Generation’s redevelopment of Sydney’s Brewery Yard.
The Chippendale building’s heritage-listed external structure will be preserved, while the interior is to be remodeled into 5,000 sqm of office space.
The commercial space is to be underpinned by a lease to Afterpay, a buy now pay later company which was recently acquired by US tech company Block.
Sustainability and connectivity drawcards
Brewery Yard’s redevelopment will be the final installation in Sydney’s Central Park Precinct, an urban regeneration project which began in 2013.
The precinct is now home to commercial offices, retail shopping centres, hotels and residential accommodations spanning several buildings.
Sustainability is at the forefront of the precinct’s design, which includes a trigeneration central thermal plant. Following suit, Brewery Yard’s redevelopment targets a 5 star Green Star Rating and a 5 star NABERS energy rating.
The development site is located within Sydney’s emerging Tech Central precinct, and boasts excellent public transport connectivity including an 850m walk to Central Station.
Central Station is also set for major upgrades, which will provide direct access to the new Sydney Metro from 2025.
Tech precinct awaits major overhaul
Alongside public transportation upgrades, the surrounding area will soon benefit from private and public infrastructure investment.
The NSW Government hopes to create Australia’s largest technology precinct, which will require further development including investment in new and historical commercial and retail spaces, and high rise residential complexes.
Brewery Yard is also in proximity to several renowned educational institutions, including The University of Technology Sydney, TAFE NSW Ultimo Campus, Sydney University and the University of Notre Dame.
“The Brewery Yard project is a great example of urban redevelopment which aligns perfectly with our ESG focus and our desire to fund assets repositioned to deliver a more sustainable built form.”
David Oudshoorn, MaxCap’s State Director NSW
IP Generation, sponsor of the Brewery Yard project, is an investor and boutique fund manager of commercial real estate who is currently managing in excess of $700 million in assets.
“Afterpay’s selection of this asset to house its Sydney headquarters is a strong endorsement of IP Generation’s conviction in the asset’s unique and compelling design features, as well as its highly desirable central position within Sydney’s rapidly growing tech and innovation precinct,” said Chris Lock, Founder and Managing Director of IP Generation.