Japanese developer invests in Fraser's Midtown MacPark apartment project
Japan’s largest property developer Mitsui Fudosan has made its first foray into Australia by investing in Midtown MacPark, Frasers Property’s urban renewal project on Sydney’s North Shore.
The investment is in the $232 million MAC Residences apartment project, the first phase of the Midtown MacPark master-planned community in the Macquarie Park precinct.
It will have a mix of studio, one-, two- and three-bedroom apartments and penthouses.
Around 91 percent of the 24 storey MAC Residences has been sold from $459,500 to $1,800,000, with sales since late 2020.
It is scheduled for completion in late 2023.
The Bates Smart-designed building is located on Herring Road and Epping Road.
MAC Residences is the first building in the $2.1 billion Midtown MacPark community to be developed in stages over the next 10 to 12 years.
Frasers Property is working with the NSW Government to deliver the $2.1 billion Midtown MacPark masterplanned mixed tenure community, which will integrate 3,300 apartments with a range of community facilities including a proposed school and childcare, a new central park, pocket parks and playgrounds, a community centre, pool and gym.
It will comprise 269 units located 550 metres from from the Macquarie University campus and metro station.
Midtown MacPark will adjoin with Macquarie Exchange, a business park joint venture between Frasers and Winten Property Group.
Mitsui and Frasers partner on an integrated logistics park in Bangkok.
“We’re pleased to again partner with Mitsui Fudosan on the MAC Residences development at Midtown MacPark, where we’re applying our place-making and community development expertise to create Sydney’s next great urban neighbourhood,” said Mark Gleeson, executive general manager of investment and capital transactions at Frasers Property Australia.
The Sydney venture is Mitsui’s first investment after setting up its Australian office in 2019.
