Aura by Aqualand to be funded by one of Australia’s largest non-bank loans
Integrated Australian property development group, Aqualand has joined forces with Qualitas, one of Australia's leading alternative real estate investment managers to announce what is believed to be one of the largest property development project finance arrangements provided by an alternative financier in Australia.
The circa $600 million funding package will be used to complete Aqualand’s mixed-use North Sydney project, Aura by Aqualand which will deliver luxury residential, retail and commercial opportunities upon completion.
Wayne Mo, CEO of AL Capital Holding, Aqualand Group’s fund management arm, and Acting CFO of Aqualand, said the partnership with Qualitas has come at an important time in the company’s progression.
“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. Strategic partnerships of this nature will assist us in making this possible,” said Mo.
Located at 168 Walker Street in North Sydney, AURA by Aqualand will accommodate a luxury 28-level mixed-used development including 386 residential apartments, a retail and dining precinct and commercial spaces.
The project has been popular with buyers with a strong level of early pre-sales, with the third release of apartments recently announced for sale.
Mark Fischer, Global Head of Real Estate and Co-Founder of Qualitas Group, 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 products,” said Fischer.
Being delivered by Aqualand Group’s award-winning in-house construction team, Aqualand Construction, the project is well underway, with the underground carpark and podium level floor plates already completed and the residential levels now reaching past the fifth floor.
The 4,898 sqm site is positioned to contribute to the reactivation of the North Sydney CBD as a premier residential destination, due to its location on the doorstep of the council’s Ward Street Precinct masterplan.
Jin Lin, Managing Director, Aqualand Group, said the project is set to play a major 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 Lin.
Residents will benefit from connectivity to the Sydney CBD with the completion of the new underground Victoria Cross Sydney Metro Station commencing operations in 2024, with a new Northern Portal providing access to the station currently being constructed immediately adjacent to the site.
Practical completion on Aura is expected by mid-2024.
