- Aqualand will use the finance to fund its AURA project in North Sydney
- The 168 Walker Street project will feature a mixed-use 28-floor development
- Users of the development will benefit from the upcoming Victoria Cross Metro station
Integrated property development group Aqualand Group and Qualitas, a leading alternative Australian real estate investment management, have today announced a circa $600 million funding package.
This is believed to be one of the largest property development project finance arrangements ever provided by an alternative financier in Australia.
Aqualand will use the finance to complete the construction of their AURA by Aqualand mixed-use project in North Sydney.
Wayne Mo, CEO AL Capital Holding, the fund management arm of Aqualand Group, said the partnership has come at an important time in the progression of the company.
“Aqualand is currently in the midst of its strongest growth period and is well placed to be at the forefront of property development in Australia for decades to come,” said Mr Mo.
“Strategic partnerships of this nature will assist us in making this possible.”
Qualitas Group’s Global Head of Real Estate and Co-Founder Mark Fischer said AURA by Aqualand is a model for future residential development.
“Landmark projects such as AURA by Aqualand, that contribute to urban regeneration and which are developed with a commitment to sustainability, are imperative in the major Australian gateway cities experiencing historically low vacancy rates and heavily constrained supply of new residential product,” said Mr Fischer.
Mixed use precinct
The development, at 168 Walker Street, will accommodate a 28-level mixed-use asset offering 386 apartments and a dining and retail precinct, along with commercial spaces.
The project is being developed by Aqualand Group’s in-house construction team. The underground carpark and podium level floor plates are already complete with residential levels now reaching past the fifth floor. Practical completion is expected by mid-2024.
The 4,898 sqm site is located on the doorstep of the North Sydney council’s Ward Street precinct masterplan.
Jin Lin, Managing Director of Aqualand Group, said the project is set to play a key role in the revitalisation of the North Sydney CBD.
“As more government and commercial investment unfolds over the coming years, with 19 key projects in the area and the addition of more new parks and plazas, it represents a new era for North Sydney, and we’re fortunate that AURA by Aqualand is perfectly positioned to play such a key role,” said Mr Lin.
Residents and tenants of the development will benefit from the Victoria Cross Sydney Metro Station, which is expected to commence operations in 2024. The train will take around three minutes to reach Barangaroo.
