RESIDENTIAL PROPERTY

Council picks Glenvill and Qualitas to develop Bellfielld site

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GLENVILL Developments is joining forces with Qualitas to deliver a new $220 million community on the former Bankia La Trobe Secondary College site in Melbourne.

The pair have being selected by the Banyule City council to deliver a new community, to be known as Bellfield, just 12.9km from Melbourne’s CBD, with the site bordering the suburb of Ivanhoe.

“Benefiting from a thriving local area, Glenvill Developments will provide what modern communities want and need, smarter and more energy efficient dwellings,” said Len Warson, CEO of Glenvill Group.

The site will include around 200 residential apartments, 46 townhouses and 72 loft dwellings.

Qualitas has invested in the development as part of its deployment programme in its Qualitas Real Estate Opportunity Fund 2.

“The fund has now invested in projects worth a combined $1.85 billion, including over $330 million of equity capital deployed post the onset of COVID-19, highlighting the continued growth of our discretionary funds management model,” said Mark Fischer, co-founder and global head of real estate at Qualitas.

Arklife’s two new South Brisbane project that will represent the first investment of the $1 billion Qualitas Build-to-Rent Impact Debt Fund, with the fund is providing a $120 million debt facility for the project.

Bellfield will be constructed over three stages spanning the next three to four years, with the first stage expected to commence delivery in 2023.

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