- Aqualand will use the funding to fund its AURA project in North Sydney
- The 168 Walker Street project will feature a 28-storey mixed-use development
- Users of the development will benefit from the upcoming Victoria Cross Tube Station
Integrated property development group Aqualand Group and Qualitas, one of Australia’s leading alternative property investment managers, today announced approximately $600 million in funding.
It is believed to be one of the largest property development project finance deals ever provided by an alternative financier in Australia.
Aqualand will use the funding to complete construction of its AURA by Aqualand mixed-use project in North Sydney.
Wayne Mo, CEO of AL Capital Holding, the fund management arm of Aqualand Group, said the partnership came at an important time in the company’s progression.
“Aqualand is currently in the midst of its strongest period of growth and is well positioned to be at the forefront of property development in Australia for decades to come,” Mr Mo said.
“Strategic partnerships of this nature will help us make this possible.”
Mark Fischer, global head of real estate and co-founder of Qualitas Group, said AURA by Aqualand is a model for future residential development.
“Lighthouse projects such as AURA by Aqualand, which contribute to urban regeneration and are developed with a commitment to sustainability, are imperative in Australia’s major gateway cities which are experiencing historically low vacancy rates and severely limited supply of new residential products,” said Fischer. .
The development, at 168 Walker Street, will host a 28-level mixed-use asset offering 386 apartments and a restaurant and retail district, as well as commercial spaces.
The project is being developed by Aqualand Group’s in-house construction team. The floor plates of the underground car park and the podium have already been completed, with the residential levels now above the fifth floor. Practical completion is expected by mid-2024.
The 4,898m² site is located at the gates of North Sydney Council’s Ward Street precinct masterplan.
Jin Lin, managing director of Aqualand Group, said the project is expected to play a key role in the revitalization of North Sydney’s CBD.
“As more government and commercial investment takes place over the next few years, with 19 key projects in the area and the addition of new parks and plazas, this represents a new era for North Sydney, and we are fortunate that ‘AURA by Aqualand is perfectly positioned to play such a key role,’ Mr Lin said.
Residents and tenants of the development will benefit from Victoria Cross Sydney Underground Station, which is expected to come into service in 2024. The train will take approximately three minutes to reach Barangaroo.