OpenCorp

<html><body>
The residential property development arm of OpenCorp has been relaunched as a standalone entity under the new name Equire, with almost $500 million of national projects in the pipeline,. Established in 2006, OpenCorp has grown to include five divisions offering investment advice, property management, finance broking, funds management and property development services.

Equire's most recent acquisition was a 1,400 sqm square metre site in Ivanhoe, 10 kilometres from the Melbourne CBD. The site is earmarked to have an end value of $34 million and will include approximately 45 apartments, with a mix of one, two and three bedrooms to suit a variety of purchasers.

Urban.com.au asked Equire director and OpenCorp founder Allister Lewison about the rebrand and his aspirations for Equire.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/161209_-_757_toorak_rd_-_v01_-_hero_-_final_2000.jpg" rel="gallery-all" title="Equire's East Side Village project in Hawthorn East. Image : Equire"><img alt="" class="image-article-full-width-580px" height="315" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/161209_-_757_toorak_rd_-_v01_-_hero_-_final_2000.jpg?itok=mmvG1IJn" title="Equire's East Side Village project in Hawthorn East. Image : Equire" width="580"></a>

<figcaption>Equire's East Side Village project in Hawthorn East. Image : Equire</figcaption></figure>Urban.com.au : What are your ambitions for Equire? What are the types of projects you want Equire to be synonymous with?

Allister Lewison : At Equire, our core ambition is to build brighter futures for our customers, partners and investors. We want to continue to deliver solutions based not only on what the market needs now but also into the future.  

A core feature of our projects is design excellence – we only create products that will stand the test of time and that are most suitable for our buyers. This might be high-end downsizer apartments in Perth or a first home buyer land subdivision in Brisbane. We make sure that the product we are delivering meets and exceeds the expectations of our purchasers

UM : Is there any overlap between Equire and the other divisions of OpenCorp, in terms of support on projects? 

AL : There is definitely an overlap between Equire and the other divisions within the OpenCorp Group. We share and work closely with our funds, finance and invest divisions.

UM : What future projects are on the horizon for Equire, particularly in Melbourne?

AL : In Melbourne, we will soon be launching our Ivanhoe apartment project. This will include a mix of one, two and three bedroom apartments focusing on functionality, style and luxury. The project will be placed amongst Ivanhoe’s leafy streetscapes and likely attract downsizers, first home buyers and investors.

We are also currently contracting a site in South East Queensland for a 300-lot subdivision.

UM : Can you provide an update on your new project in Ivanhoe? When is it likely to launch?

AL : Equire’s latest apartment project in Ivanhoe is set to launch in November 2018. The project will be perfectly located close to public transport, parklands and shops. Our project will steer away from bland apartment buildings and will showcase the best of Ivanhoe’s beautiful streetscape. The architectural design will utilise curved geometry to speak to the art deco aesthetic of the Ivanhoe locality, with lush landscaping incorporated in the architectural design to allow the greenery to build on the character of the building façade.

UM : What are your thoughts on the state of the residential property market in Melbourne at present? 
AL : Melbourne continues to be one of the hottest residential markets in the country, and at the moment we are noticing an influx of first home buyers and downsizers. Australian Bureau of Statistics data shows that loans to Victorian first home buyers reached its highest monthly level in November 2017, at 3527, since late 2009. 
We are seeing a demand for good quality, small-scale apartment projects as well as townhouse developments.

UM : In terms of future growth aspirations for Equire, where in Australia do you see the most potential in the residential property market?

AL : We are noticing a lot of potential for residential property in Queensland, most notably in the South East. Data shows that there is forecast growth for the region, particularly due to the Commonwealth Games in April where the government is set to spend up to $1.5 billion on infrastructure and improvements. Additionally, the Gold Coast is one of Australia’s fastest growing cities.

Its current population is over 500,000 and this number is expected to grow to 820,000 in the next 20 years, according to the Australian Bureau of Statistics.

We are currently contracting a site in South East Queensland as well as continuing to monitor the market for any further opportunities.
</body></html>

Laurence Dragomir

OpenCorp relaunches development business as Equire

<html><body>
On the occasion of OpenCorp's launch of their Eastside Village apartment development, Urban.com.au recently spoke with the group's Director Allister Lewison regarding the design merits of the Hawthorn East project.

Teaming with architects Rothelowman and interior designer Fiona Lynch, Eastside Village has been put forward as an apartment development designed to cater for the particular market in which it finds itself in. According to Allister Lewison, the target demographic/buyer played a part in forming both the size and layout of the apartments on offer.

Dwellings within the six storey development have been positioned to soak up a certain type of buyer, given Hawthorn East's hefty median home price. With that in mind, prospective downsizers and young professionals and couples are at the forefront of the project's sales campaign.

Prior to Eastside Village's sales launch, a registrations of interest campaign was highly reflective of this particular aspect of the buyer market.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image64_5.jpg" rel="gallery-all" title="Eastside Village's rendered interior"><img alt="" class="image-article-full-width-580px" height="331" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image64_5.jpg?itok=3gwTq6fE" title="Eastside Village's rendered interior" width="580"></a>

<figcaption>Eastside Village's rendered interior</figcaption></figure>To that end Eastside Village includes 73 one, two and three bedroom apartments, with internals ranging between 50sqm and 96sqm, whilst certain apartments hold outdoor areas of up to 116sqm. Lewison describes the project's layout as highly flexible, with upgrades and alternative floor plans possible, depending upon the buyer's preferences.

These flexible layouts are backed by incumbent Interior Design Excellence Awards (IDEA) designer of the year Fiona Lynch. Her presence across the project's internals has given OpenCorp confidence in Eastside Village's sales prospects, with Lewison describing Fiona Lynch as a key to luring prospective buyers.

Add Ben Scott Garden Design as landscape architect and Eastside Village's design team has worked together to produce a project reflective of the premier location. 

With amenity at the forefront of the design process, Eastside Village's apartments enjoy aspects over dual sculpted courtyards, which also serves to maximise natural light penetration into each dwelling.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image65_1.jpg" rel="gallery-all" title="The project's central garden"><img alt="" class="image-article-full-width-580px" height="707" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image65_1.jpg?itok=xPaDqo0Z" title="The project's central garden" width="580"></a>

<figcaption>The project's central garden</figcaption></figure>Externally Eastside Village's exterior will be draped in a distinctive green edifice.

<blockquote>
Toorak Road's façade opens and closes to create an organic architecture that oscillates between private and public landscaped spaces, whilst firmly anchoring down to the ground plane with a curvaceous gesture which frames the entry and holds the street.

Punctuated by large subtractions, the development's form creates landscaped courtyards to the east and west, which provide increased light and internal amenity. The rectilinear vertical façade elements serve to provide a delicate veil of privacy, enclosure and a cohesive architectural expression. The contrasting solid curved forms both frame and soften the edges of the building.

A thoughtfully designed ground floor street interface with landscaping meets the building flowing vertically upwards through a series of balcony planters above. Warm hues and natural finishes offer a warmth to residents both in apartments and shared spaces.
<cite>Rothelowman</cite>
</blockquote>

As for OpenCorp's development fund subscription which underpins Eastside Village, Lewison noted that the standalone fund for the Hawthorn East project was oversubscribed by 30%, pointing toward investors recognition of the project's blue chip location.

Construction is expected to begin during mid 2017, with a completion time frame approximately one year later.
</body></html>

silvermb

Profiling OpenCorp's Eastside Village development

<html><body>
Melbourne-based property group and fund manager OpenCorp has acquired new sites to host its latest crowdfunded house and land developments.
Located in Greenvale, 20 kilometres north of the Melbourne CBD, the 168-lot subdivision site is positioned close to the company’s sold out Umbra development. It will be the 23rd project OpenCorp has funded through a property development fund.
Currently under construction, Umbra already is projecting good returns for investors. OpenCorp is currently anticipating a total return of 110% against the forecast of 58%. Its 41% internal rate of return sits against the forecast of 30%.
Like Umbra, investors in the Greenvale development would subscribe to an OpenCorp managed property development fund to participate as equity partners in the new $46 million project.
Based on the success of Umbra, 70% of the $11.4 million of the equity being raised for the development has been committed by one major Melbourne investor.
“They participated in the first Greenvale development and were eager to invest in the subsequent similar development,” says OpenCorp director Allister Lewison (pictured above centre).
OpenCorp have also closed its capital raising offer with the $3.5 million fund being considerably over-subscribed.
The new development fund is forecast to provide investors a total return of over 54%, or an internal rate of return close to 23%.
“Our development funds provide a great way for family offices, high net worth clients and retail investors to invest in developments when they don’t have the time, money or skills to do so themselves,” Lewison says.
“Our 10 year track record combined with average returns of over 20% per annum are proving very popular with small and large investors, given the returns from other asset classes.”
The new Greenvale development is expected to attract first homebuyers seeking a site to build a family home at an affordable price point in anticipation of the City of Hume’s continued rapid growth.
“The Melbourne market continues to remain very robust for quality developments in the right catchments,” Lewison says.
“The sub markets in which we operate are very much focused on strong demand and supply fundamentals.”
Greenvale is located a 30 minute drive from the Melbourne CBD and 10 minutes from Tullamarine Airport. 
</body></html>

j.ballantyne1990-6AQqhLzZaK

Crowdfunding property developer OpenCorp acquires second Greenvale site

<html><body>
The recent news of local developer OpenCorp's acquisition of a Hawthorn East development site coincides with the firm's push into Melbourne's apartment sector, as evidenced by another upcoming project slated for Ivanhoe.

With a presence spanning three states and in excess of $500 million in development nationally, Urban.com.au recently spoke with OpenCorp Director Matthew Lewison regarding their their new direction into Melbourne's inner-city market after thus far only being active in Melbourne's peripheral suburbs.

While still seeking strong prospects for the suburban land market, in which OpenCorp is active with Umbra in Melbourne's northern suburb of Greenvale, the change of tact into apartment developments is one of acting when the time is right.

<blockquote>
The changing demographics of our cities is increasing the proportion of multi-residential dwellings being purchased and constructed. We anticipate this trend to continue and certainly see ourselves as being a key player, long term, in the inner-urban form of our major cities.
<cite>Matthew Lewison</cite>
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/imagepreview.jpg" rel="gallery-all" title="Savills' imagery for 757-763 Toorak Road"><img alt="" class="image-article-full-width-580px" height="435" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/imagepreview.jpg?itok=2eqxCala" title="Savills' imagery for 757-763 Toorak Road" width="580"></a>

<figcaption>Savills' imagery for 757-763 Toorak Road</figcaption></figure>First cab off the rank was the recently purchased 757-763 Toorak Road which was secured via a competitive tender process for $6.5 million. The former VicRoads land holding is now in the hands of RotheLowman with a planning application set to be lodged this month. The quick turnaround time will continue with sales anticipated to commence on the high-end project during early 2017.

The 1,595sqm block holds a frontage of 39.65m and was offered for sale with a development concept for 52 apartments and two retail tenancies.

Matthew Lewison expects an end value of approximately $48m for the Hawthorn East project which will target owner-occupiers and sit aside a fellow upcoming RotheLowman-designed apartment project at 771 Toorak Road.

Keeping within Boroondara, OpenCorp have another project planned for Ivanhoe with initial concept plans expecting 55 apartments or thereabouts. Mid-2017 is the targeted launch for the project.



<blockquote>
We recognised when the Boroondara Council changed their planning scheme there would be a limited supply coming into the market as a result, so we have been aggressively chasing opportunities in that area.
<cite>Matthew Lewison.</cite>
</blockquote>

As for aspirations on a grander scale, OpenCorp do plan to establish a presence in Sydney during coming years, although "We have missed the market cycle in Sydney this time around." Diversifying into different markets is on OpenCorp's agenda with a geographical spread key to taking advantage of different market cycles.

OpenCorp future strategy will see the firm limit itself to Australia's major markets.

<h2>Investing in success</h2>

757-763 Toorak Road is expected to be made available to investors via OpenCorp's Open Access Fund. Essentially a crowd-funded Property Development Fund, the Open Access Fund allows anyone from first-time to elite investors to have a hand in property development.

OpenCorp's crowd-funded model is applied across a host of projects, with a Product Disclosure Statement (PDS) in the works for their Hawthorn East acquisition and expected to be ready by April 2016.

This method of development differs from the traditional developer model, allowing participants in the project to receive a share of profits from the development of the project.
</body></html>

OpenCorp

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

OpenCorp

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News