CENTRAL Element and joint venture equity partner MaxCap Group have broken ground on their $150 million Ethos Chatswood development, with Growthbuilt officially commencing construction.
The SJB-designed Ethos includes a boutique collection of one-, two- and three-bedroom residences across a 17-level tower in Chatswood on Sydney’s North Shore.
As the first luxury residential offering in Chatswood for nearly four years, the project has already garnered a high volume of interest.
With 60% of the development sold during the first weekend of off-the-plan sales, when Ethos launched to the market in October 2022.
Sales were predominately dominated by local owner-occupiers and included a premium three-bedroom offering secured for $7 million.
In addition to the Ethos Penthouse Collection on offer, luxury amenities at the project will include a Sky Lounge, a resident-only wellness studio with space for yoga, exercise and meditation.
“At Central Element, we strive to create exceptional living spaces that invigorate communities and shape the future of Australian living,” said Wayne Chivas, director at Central Element.
“With MaxCap Group and Growthbuilt, we have partnered with a team that shares our vision and is committed to delivering exceptional high-quality sustainable buildings. The months to follow will be an exciting time, and we can’t wait to witness Ethos emerge as a stunning addition to the Chatswood skyline,” said Chivas.
With Growthbuilt appointed to deliver the development, Ethos Chatswood is targeting an early 2025 completion date.
“At Growthbuilt, we share a strong vision with Central Element on creating exceptional living spaces that enrich communities and shape the future of Australian living,” said Colin Rahim, joint CEO at Growthbuilt.
“We are committed to delivering outstanding quality and value for our clients and their residents. We are delighted to collaborate with Central Element on Ethos Chatswood bringing our expertise, experience, and passion to deliver a world-class, luxury living experience.”
MaxCap’s Direct Investment team has established an enviable record of success in originating and managing high-yielding investments, particularly in the mid-market joint venture development space. The team is currently managing a diversified portfolio with a total end value of over $5bn, including partnerships with Australia’s leading private real estate developers.
Joe Vincent, Director, Direct Investment, said” after a hugely successful sales launch, we are excited to progress into the next stage of the project, with such experienced, capable and professional partners like Central Element and Growthbuilt.”
For MaxCap this month has seen a number of new partnerships, including providing ID_Corp with a first mortgage land and construction peak debt facility for a residential land subdivision in the Geelong and providing another first mortgage facility to Pro-invest Group for the $46.25 million acquisition of the Larmont Hotel.