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Frasers Property Australia now plans to deliver three apartment developments, worth $797 million, with its international joint-venture partner in Sydney’s Midtown MacPark.
The joint venture with Mitsui Fudosan follows MAC Residences, the pair’s residential development now under way, and the $2.2-billion MacPark community’s first building.
MacPark is 13km north-west of the Sydney CBD.
The 50-50 partnership will now encompass four buildings, including the landmark Treehouse development, to create 1149 apartments and four terraces.
Treehouse will encompass 162 apartments and several green breakout spaces that give the building its name, as well as about 1000sq m of ground-floor retail space.
Construction is expected to begin later this year.
The other two developments in the expanded joint venture are as yet unnamed. One will comprise 268 apartments, 216 community housing homes and four terrace homes, with a targeted sales launch in March 2024.
The fourth building in the joint venture will feature 234 apartments and is anticipated to be launched in the last quarter of 2024.
All four developments in the joint venture will feature rooftop solar installation and smart meters. Real Utilities, the wholly owned licensed energy retailing business of Frasers Property Australia, will provide 100 per cent Climate Active-certified carbon neutral energy to the buildings.
Similar carbon neutral innovations are planned for future developments in the community. Frasers Property is targeting a 6 Star Green Star Communities rating for Midtown MacPark and the vision is for the community to be carbon neutral in operation.
Frasers Property executive general manager investments Mark Gleeson said the deepening of the partnership with Mitsui Fudosan aligned with Frasers strategy to leverage capital partnerships to achieve its growth objectives.
To be developed in stages over the next 10 to 12 years, Frasers Property said it was working with the NSW government to deliver the Midtown MacPark masterplanned mixed-tenure community, which will integrate about 3300 apartments with a range of community facilities.
