MaxCap Group and Metro Property Group have teamed up for a $100-million luxury residential project on Sydney’s affluent North Shore.
The financier and developer are planning Fairview for a site over three lots at 46-50 Cowan Road at St Ives.
It will comprise 24 oversized luxury townhouses “designed to maximise views and aspects of the directly adjacent Pymble Golf Course, one of Australia’s most prestigious private courses,” according to the developer.
St Ives is 20km north of the Sydney CBD and the site is close to St Ives shopping precinct, schools, hospitals, the Northern beaches and bordered by national parks.
Fairview is being aimed at local owner-occupiers.
“Smaller, boutique projects continue to perform strongly in the current macroeconomic environment,” a spokesperson for the partners said.
A development application is expected to be filed with the Kurang-gai Council in the second quarter of next year.
Creation Homes Group, Metro’s construction arm, will build the development.
Metro and Creation Homes Group have completed more than 50 projects, delivering more than 2000 homes across Australia annually.
“We have forged an incredibly strong relationship with Luke Hartman and the Metro team and in the last 18 months have partnered together on four projects with end value of almost $300 million,” Maxcap Group direct investments director Joe Vincent said.
“Metro is a market leader in the low to mid-density residential sector and always deliver the highest quality projects.”
MaxCap also recently provided a land and construction debt facility for Metro’s Canopy, Crows Nest townhouse project which is scheduled for completion in early 2024.
