GENERAL PROPERTYRESIDENTIAL PROPERTY

MaxCap funds Gold Coast and NZ projects

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NON-bank lender MaxCap is funding S&S Group’s luxury mixed use development project Awaken Residences in Coolangatta on the Gold Coast, where the owner occupier market has boomed with an influx of domestic migration.

Located at the top of Point Danger and adjacent to Rainbow Bay Beach, the tower will have a gross realisable value of circa $48 million and house eight full floor apartments with 360 degree views, a two-level penthouse, swimming pool and a restaurant and café over 11 storeys.

The property is four kilometres from Gold Coast airport and offers immediate access to the beach, walking trails, hospitality, dining, entertainment and retail services.

“The owner occupier market for luxury residential property in the Gold Coast has become increasingly strong since the COVID-19 outbreak, with discerning local purchasers seeking high-end boutique product in premium locations such as the project,” Michael Nitschke, MaxCap’s state director, Queensland said.

The Gold Coast has come out on top nationally for total migration according to a report by Commonwealth Bank and Regional Australia Institute, while the supply of new apartments on the Gold Coast is at a seven-year low after 450 sales in the June quarter.

S&S Group recently sold-out its nearby $74 million development named Flow Residences, housing 22 luxury apartments located 200 metres north of the Awaken Project.

“We have made a deliberate decision to focus on luxury developments targeting high net worth owner-occupiers and investors given strong and continued demand for the product,” Paul Gedoun, founder of S&S Group said.

MaxCap also announced yesterday it is providing a first mortgage land facility to Made Group for the acquisition of land New Zealand’s Hamilton City region that will be developed into 1,800 homes.

Works at the 122-hectare greenfield site in Rotokauri are expected to commence early in the new year and take seven years to complete.

It will feature a primary school, sports park and neighbourhood centre. On completion the total gross realisable value of the land and housing project is expected to be NZ$800 million to $1 billion. Approximately 2,000 plus jobs will be created for the duration of the land and housing development.

Median residential house prices in Hamilton City have increased by 41% in the past three years. Made Group has committed to at least 150 affordable homes in the development.

MaxCap co-founder Brae Sokolski said the company has a “long-term commitment to New Zealand and we are keen to grow our book and support the real estate market”.

MaxCap recently provided a $97 million first mortgage construction facility to Franze Developments to deliver Geelong Quarter in Victoria.

The $200 million development will comprise two buildings of 14 and 15 levels including 124 apartments, with ground level retail tenancies, commercial office, and a 180-room hotel, over a three-level basement car park.

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