Aqualand wins $600m Qualitas facility for $1bn-plus AURA North Sydney tower
AURA by Aqualand will comprise a luxury 28-level mixed-used development with 386 residential apartments, a retail and dining precinct and commercial spaces
Chinese-backed property developer Aqualand has won the backing of listed real estate investment house Qualitas for a $600m funding package for its $1bn-plus AURA by Aqualand luxury project in North Sydney.
The facility is a shot in the arm for the developer, whose tower at Central Barangaroo has been knocked back by the NSW government, prompting calls for compensation.
The deal is one of the largest property development project finance arrangements provided by an alternative financier in Australia. Major banks have shied away from offering loans as they are worried about their exposure to the slowing residential market.
But the luxury end of the market shows little sign of slowing and Aqualand has already had strong sales in the North Sydney project and elsewhere at its top end projects.
The CEO of AL Capital Holding, Aqualand’s fund management arm, Wayne Mo, said the partnership with Qualitas came at an important time.
“Aqualand is currently in the midst of its strongest growth period and is well placed to be at the forefront of property development in Australia for decades to come. Strategic partnerships of this nature will assist us in making this possible,” Mr Mo said.
AURA by Aqualand has drawn buyers with a strong level of early pre-sales, with the third release of apartments recently announced for sale.
Qualitas global head of real estate Mark Fischer said AURA by Aqualand was a model for future residential development.
“Landmark projects such as AURA by Aqualand, that contribute to urban regeneration and which are developed with a commitment to sustainability, are imperative in the major Australian gateway cities experiencing historically low vacancy rates and heavily constrained supply of new residential product,” he said.
The project at 168 Walker Street will comprise a luxury 28-level mixed-used development with 386 residential apartments, a retail and dining precinct and commercial spaces.
It is being undertaken by the company’s in-house construction team, Aqualand Construction, and the residential levels now reach past the fifth floor.
Practical completion is expected by mid-2024.
The project has drawn buyers with a strong level of early pre-sales, with the third release of apartments recently announced for sale.
Aqualand managing director Jin Lin said the project is set to play a major role in the revitalisation of the North Sydney CBD.
“As more government and commercial investment unfolds over the coming years, with 19 key projects in the area and the addition of more new parks and plazas, it represents a new era for North Sydney,” he said.
