Sydney-based Central Element is moving into the in-house builder space to break ground on its Ballamac House apartment project at Coogee.
The private developer appointed former Mirvac NSW construction manager Hayden Callaghan in May to lead the construction team with Andrew Westbrook and Callum Schrader.
The move is one among many nationally as the builder-developer model rises after the collapse of builders and the migration of construction companies to infrastructure projects.
Central Element had five projects scheduled to complete next year with an end value of more than $700 million in its pipeline when the decision was made to bring construction in-house.
Work on restoring Ballamac House and a new four-storey addition began this week and will create eight, three-bedroom apartments at 39 Arcadia Street, Coogee.
Ballamac House was built about 1863 under the direction of colonial architect Thomas Rowe.
Among the apartments is a 241sq m penthouse that sold for $20 million in April, setting a record for the beachside suburb, 10km south-east of the Sydney CBD.
Callaghan said the aim was to have the Ballamac project completed by December of next year.
“My main goal is to build a diverse and highly skilled in-house construction team, which will be crucial to bringing CE’s concept-to-completion delivery model to life,” Callaghan said.
The Central Element construction team has also worked on 55 Pitt Street in the CBD, The CH9 Redevelopment at Willoughby, The Foundry at South Eveleigh and The Pacific at Bondi.
Meanwhile, Central Element has continued to expand its residential portfolio with acquisitions at Bondi and Greenwich while divesting a DA-approved hotel project at Potts Point.
The Minerva theatre site, approved for a boutique accommodation offering and “Parisian-style” cabaret nightclub, was sold to Gretel Packer for $25.85 million in July.
The property was listed in January after a three-year DA process with approval in November of 2023.
