Trio, Box Hill secures MaxCap funding facility
MaxCap Group has confirmed it has arranged a $320 million funding facility for the high profile Trio project in Melbourne’s Box Hill.
It is being developed by CBD Group with builder Hickory as the construction partner at 845-851 Whitehorse Road.
The towers range from 16 to 38 levels with 427 residential apartments and 128 hotel rooms and senior independent living apartments.
The total GRV of the project is expected to be circa $450M on completion.
“This is not only about delivering high quality residential, commercial and hotel accommodation but also outstanding amenity and convenience for residents, hotel guests and commercial tenants alike,” said Bill McWilliams, MaxCap Chief Investment officer.
“We are delighted that Trio is already well advanced with the project builder Hickory nearing completion of basement works.”
Trio will also include a two-level childcare centre, 52 retail units, 45 office suites and 680 car parks.
“This is an extremely well located project in the heart of Box Hill with excellent public transport, and education facilities, in particular high accessibility to Box Hill Hospital and Box Hill TAFE,” said Bill McWilliams.
“The already strong market demand across all product types reflects the positive positioning of Trio, suited to residential and commercial uses.
"The benefit of having all services within the one development strongly appealed to purchasers.”
McWilliams said there was also a reduced pipeline of competing large-scale projects projected in the East of Melbourne over the next 12 – 24 months.
As one of Melbourne’s fastest growing suburbs, Box Hill’s population has grown by 18% over the past five years compared with the broader metropolitan Melbourne growth of 12%.
Box Hill Central Activity Centre houses 8,000 residents as at June 2019, with the population forecast to grow to 11,000 by end of 2021.
MaxCap Group has invested more than $12.3bn across more than 450 loans since inception in 2007.
