GENERAL PROPERTY

Corsair helps Impact complete Collingwood project

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THE Liberman family-backed Impact Investment Group has been able to complete its $111 million office project in Melbourne’s Collingwood, after non-bank lender Corsair provided a $60 million debt facility.

The 54 Wellington Street project in Melbourne’s inner-north had seen builder Grocon’s relationship terminated in December after works fell months behind schedule, went over budget, and left subcontractors owed $8 million. The Liberman family-backed group was facing losses of $28 million on the project.

KordaMentha had been appointed to 39 Grocon companies the previous week. Probuild has since been appointed construction contractor.

Corsair was created late last year by the prominent Buxton family and former MaxCap founding partner Michael Fowler, hoping to translate their property experience into the growing non-bank lending game.

It has also completed a $65 million debt facility against two strategically located commercial office buildings – one in Melbourne’s south-east and the other on St Kilda Road. Corsair was able to provide funding for this transaction within two weeks of being mandated.

“Our confidence in the future of city-fringe office markets and the high-quality sponsors were key drivers for these investments,” Chris Moyle, Corsair’s chief investment officer said.

“Our deal pipeline is active and we have investors at the ready who value Corsair’s ability to identify strong projects while understanding risk.”

The fund caters to a broad range of development, investment and joint venture projects nationally, ranging from smaller inner-city townhouses to large-scale residential and commercial schemes.

The Collingwood project was previously called Northumberland and since been renamed 54 Wellington. Impact acquired the project in a fund-through deal with Grocon in 2018.

The 12-storey building was to have 15,000 sqm of office space and be anchored by skincare company Aesop and co-working group The Commons.

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