Maxcap to fund construction of $158m Sydney apartment project
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6/10/2021 Maxcap to fund construction of $158m Sydney apartment project
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Property Residential Property development
Maxcap to fund construction of $158m Sydney
apartment project
Larry
Larry
LarrySchlesinger
Schlesinger
Schlesinger Reporter
Jun 7, 2021 – 5.28pm
MaxCap NSW director David Oudshoorn says the non-bank lender and equity
investor has “significant amounts of capital” to deploy in the Sydney apartment
market, after providing a $121.2 million loan to kick-off construction at a 296-unit
project in Castle Hill.
The project known as Chateau
Chateau,
Chateau is being developed across four buildings by
Bridgestone Projects at 16 Middleton Avenue. Featuring apartments and
townhouses aimed at owner occupiers and downsizers, it has a gross end value of
$158 million.
https://www.afr.com/property/residential/maxcap-to-fund-construction-of-158m-sydney-apartment-project-20210607-p57yra 1/8
6/10/2021 Maxcap to fund construction of $158m Sydney apartment project
MaxCap will provide $121 million of construction finance for an apartment project in Sydney’s Castle Hill.
Construction of the first three buildings in stage one is due to kick off in the third
quarter of the year. Westbourne Constructions was appointed as the builder in
May.
Fifty-two apartments - about a third of apartments in stage one - have been sold to
date.
Mr Oudshoorn said MaxCap was seeing strong demand from owner occupiers for
attractively priced, premium apartments in Sydney’s north-western suburbs.
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“MaxCap is funding a number of large projects in NSW and the ACT and is looking
to expand its business in Sydney to cater for the increasing demand.
“We’re very confident in the Sydney market over the next few years and have
significant amounts of capital to deploy into debt and equity opportunities,” he said.
Bridgestone was founded in 2014 by Grace Wu and David Liu. Chateau is being
marketed by its in-house sales agency Megaward Property Group.
https://www.afr.com/property/residential/maxcap-to-fund-construction-of-158m-sydney-apartment-project-20210607-p57yra 2/86/10/2021 Maxcap to fund construction of $158m Sydney apartment project
Prices within the development – about 200 metres from the Showground metro
train station – start from $623,000 for a 60sq m one-bedroom apartment. A three-
bedroom townhouse starts from $1.43 million.
The median apartment price in Castle Hill over the past 12 months was $925,000
up 10.8 per cent on the prior 12 months.
Mr Oudshoorn said the Sydney
Sydney
Sydneyapartment
apartment
apartmentmarket
market
marketwas
was
wasrebounding
rebounding
reboundingwith
with
withimproved
improved
improved
demand
demand
demand in the first quarter of 2021.
“Unit prices are showing signs of recovery, increasing by 1.2 per cent in the month
of February 2021 and up by 1.9 per cent for the quarter ended February 2021.
“The current average unit price in Sydney is circa $738,000 which is an attractive
spread to median house prices and results in strong demand for good quality
projects.” he said.
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Funding for the Castle Hill project follows Maxcap providing a $50 million debt
facility to Melbourne developers Landream and V-Leader to commence
construction of Brighton International, a $120 million apartment project in the
city’s bayside area.
MaxCap has also expanded its equity investment arm, after teaming up with
developers Neometro and Milieu to deliver a $45 million mixed-use building within
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https://www.afr.com/property/residential/maxcap-to-fund-construction-of-158m-sydney-apartment-project-20210607-p57yra 3/86/10/2021 Maxcap to fund construction of $158m Sydney apartment project
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The group has invested more than $10 billion across more than 400 loans since
inception in 2007.
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Larry
Larry
LarrySchlesinger
Schlesinger
Schlesinger writes on real estate, specialising in commercial and residential property.
Larry is based in our Melbourne newsroom. Connect with Larry on Twitter
Twitter.
Twitter Email Larry at
larry.schlesinger@afr.com
larry.schlesinger@afr.com
larry.schlesinger@afr.com
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