COMMERCIAL real estate financier and investment manager MaxCap has added to its recent commitments across the country, backing a residential tower in Perth’s inner suburb of Booragoon with a $53.5 million funding package.
Named Amara City Gardens, the Iris Residential development will comprise 124 residential apartments and five commercial units over 15 storeys.
Along with providing 232 car bays, the development will also provide amenities such as a yoga tai chi deck, gym, sauna, wine cellar and residents’ dining and barbecue pavilion.
Construction will be undertaken by Perth company BGC.
MaxCap will deliver the funding via its MaxCap First Mortgage Construction Fund. It will be the second Iris Residential project MaxCap has backed, following the One Mabel project in Jolimont that is on track for completion in November.
Ben Jones, MaxCap’s state director – WA noted the strategic co-location of the project immediately adjacent to one of state’s major regional shopping centres, Booragoon Westfield (formerly Garden City), with excellent transport links, employment hubs and community infrastructure.
Jones added there has been a structural shift of older generations downsizing from family homes and showing greater appetite for apartment style living, with Amara City Gardens offering an attractive range of health, community and convenience amenities that had attracted incoming purchasers and led to strong pre-sales.
Construction commenced in January and the project is now over 60% pre-sold.
The project is also close to Booragoon Bus Station, linking the Bull Creek Train and Bus Interchange.
Jones said the value of established apartments in Booragoon has trended upwards over the last 12 months, and expects this to continue as the area continues to gentrify and demand continues for more modern medium and high density living.
Simon Trevisan, managing director of Iris Residential said Amara has easy access to major entertainment, retail, sporting, healthcare and education facilities. In most cases they are walkable from the soon to be new home for our residents.
The apartments themselves are larger than normal with big balconies and designed to make the most of natural light and cross ventilation as well providing security and comfort.
MaxCap has been active right across the country. Its latest commitment comes hot on the heels of its backing of a Castle Hill apartment project in Sydney, where it will provide $121.2 million for the 296-apartment Chateau development by Bridgestone Projects at 16 Middleton Avenue.
Chateau will have four buildings and a gross end value of $158 million. Construction of its first three buildings is due to begin in the September quarter.
It has seen 52 apartments sold so far, equating to about one third of its stage one offerings.
In April, MaxCap committed to backing the construction of a $68.5 million Mercure hotel above a Bunnings Warehouse in Melbourne’s eastern suburbs. That followed its backing of the third stage of Geocon’s $156 million Republic Precinct project in Canberra.