Singaporean sovereign wealth fund invests in Sekisui House’s West Village
The retail and office components of Sekisui House’s $1.1billion masterplanned urban renewal development, West Village, in Brisbane has been sold.
The Singaporean sovereign wealth fund GIC has partnered with fund manager Centuria Capital in spending $202m for five buildings within the mixed-use precinct, 1km south of the Brisbane CBD.
It includes existing properties as well as buildings to be constructed on the former Peter’s Ice Cream site.
It includes a retail mall anchored by a Woolworths store, and Brisbane’s first Harris Farm Markets.
Centuria head of retail Bruce McCully said the West End area was experiencing “a renaissance” that would further benefit from improved connectivity once the proposed new green bridges were completed, linking the area with Toowong to the west and St Lucia to the south.
West Village was a flagship project for the Japanese company which on completion will provide 1250 residences across eight residential buildings, 1900 carparks and 6500 sqm of public open space.
Half the site will be open parkland and green laneways, which Sekisui House Australia managing director Hide Seguchi said accords with its "satoyama design principles, which places enormous importance on generous green spaces around each development.”
The first stage, Park & Lexington apartment buildings were launched in 2017, with Arcadia the next residential release.
Sales are proceeding at Altura, a 22-storey apartment tower where more than 70 of the initial 147 apartments on offer sold on the first day on the market last year.
It's been marketed as having a 99/100 walk score.
