GENERAL PROPERTY

Princeton backs Wolli Creek developments

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PRINCETON is financing the delivery of two new residential projects valued at a combined $40 million, in Sydney’s southern suburb of Wolli Creek.

The Sydney-based investment house will provide financing for the construction of the Buildview Group development, based less than 10 minutes by car from the Sydney International Airport and 10km south of the Sydney CBD.

“We have a strong relationship with Buildview Group, and we’re excited to be working with them again on residential developments that ramp up the lifestyle opportunities in Sydney’s south,” said George Gadallah, co-founder of Princeton.

The Wolli Creek projects will inject 51 new residential dwellings into the area, with the first stage comprising 31 apartments at 3-5 Arncliffe Street and the second stage comprising 20 apartments at 1 Arncliffe Street.

The first stage, which is currently underway with construction commencing in March 2021, will be worth a total of $23 million upon its scheduled June 2022 completion.

While the second stage will upon its December 2022 completion be worth $17 million.

This latest move from Gadallah and Craig Anderson’s Princeton follows recent financing of a $38 million mixed-use development in Botany and the $35 residential project Blakehurst.

In addition to the Bondi Beach luxury $70 development Eurangi, which comprises eight apartments, two single-level penthouses and ground floor retail and saw Gledhill Construction commence works in January of this year.

“The Wolli Creek projects build on Princeton’s track record of backing quality developments across Sydney and are a worthwhile addition to our expanding portfolio,” concluded Gadallah.

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