Diversified developer and investor Mulpha has begun construction of the first stage of its $1-billion masterplanned development in northern Sydney despite difficult market conditions across the building industry.
Mulpha head of developments Tim Spencer is confident the anticipated completion of the first two towers of the residential masterplan at Norwest will sweetly align with property buyers’ increasing demands for green living.
“With the support of our top-tier partners, we are now on track to deliver the first zero-carbon precinct,” Spencer said.
“The masterplanned project will be one of the most ambitious in the country in terms of sustainable practices, initiatives and design considerations.”
Muplha’s plans, to deliver nine residential towers ranging from eight to 26-storeys and comprising 864 apartments at 40 Solent Circuit, were given the green light in late 2019.
Construction on the first stage of the eco-friendly Norwest Quarter, being overseen by Parkview Constructions, will include two residential apartment buildings, Banksia and Lacebark, comprising 196 apartments in one, two and three-bedroom configurations.
The buildings will be carbon neutral in operation, providing residents with cheaper energy bills with 100 per cent electric and no gas provision as well as reduced waste and the efficient use of natural resources including clean water.
Spencer expects buyers, motivated by awareness about climate change or the rising cost of living, will be drawn to the project with further eligibility for discounted green mortgages to potentially provide lower interest rates on mortgages.
According to a recent survey by REA Group, nine out of 10 would-be buyers in the market would be willing to pay extra for a home with green features, from solar panels and battery storage to efficient insulation.
The first two buildings will feature rooftop solar panels, electric-vehicle charging with fast chargers, and high-performance, centralised air-conditioning.
The first stage will also include more than 3500sq m of sustainably led retail and commercial space including a full-floor commercial gym, fresh food grocer, medical services and restaurants.
Other sustainable community initiatives will include communal electric barbecues, communal gardens, productive beehives for enhanced pollination, worm farms, composting and open space.
Mulpha, led by chief executive Greg Shaw, has $2 billion in assets under management, with activities ranging across development including another masterplanned development, Sanctuary Cove, at the Gold Coast.
It also oversees events operations as well as private equity investment in education, technology, childcare, retirement, and even carparking and car washing.
Mulpha purchased the 377ha Norwest site, 35km from the Sydney CBD, in the 1990s.
The developer launched the ambitious scheme in late 2017, enlisting Bates Smart and Smart Design Studio, environmental sustainability firm Finding Infinity, landscaping architect Aspect Studios and urban designers Terroir to design the masterplanned precinct.
When complete, the 3.8ha Norwest Quarter masterplan will be home to more than 2000 residents among 26,000sq m of green open space and will feature 6000sq m of space provided for cafes, restaurants, neighbourhood shops and childcare facilities.
It will be within 400m within walking distance of the Norwest Metro Station and the emerging Norwest town centre as well as extensive parklands, pathways and cycleways.
Back in the Sydney CBD, Muplha has padded out its pipeline, proposing a $200-million, 280-room, four-star hotel boutique hotel on Sydney’s Sussex Street earlier this year.
The 18-storey hotel will rise from 200-year-old former warehouse buildings in the Haymarket district, with Mulpha in negotiations with prospective operators.
