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MaxCap acts as joint venture capital partner for ICD’s $440 million Aspire project

Sep 24, 2019
MaxCap acts as joint venture capital partner for ICD's $440 million Aspire project

Melbourne-based developer ICD Property has secured funding from MaxCap Group and Goldman Sachs for its $440 millon development Aspire, said to be one of the city’s last permitted “super towers”.

The project’s joint venture capital partner MaxCap Group, Australia’s leading development financier, is providing funding alongside ICD and has selected Goldman Sachs to provide the first mortgage construction finance.

The 65-storey high-rise residential tower, featuring 594 luxury apartments, ground floor retail space, and an array of world-class amenities, is located opposite Flagstaff Gardens on King Street.

MaxCap Group have provided ICD with traditional debt finance on six previous projects and ICD Managing Director Matthew Khoo said the company is particularly excited to now have MaxCap involved in Aspire as a joint venture capital partner. “Having MaxCap Group as a capital partner is a huge vote of confidence for the project but also ICD’s capability and our vision to deliver something new to Melbourne’s ever-evolving skyline.

“In particular, we’re offering residents a level of amenity previously unseen in Melbourne CBD projects. On average, apartment towers nowadays are offering around five types of amenity but we’re looking to offer 20 types of amenity,” he said.

Aspire Melbourne’s sleek curvature façade and quality interiors are the signature of homegrown award-winning architect Elenberg Fraser, who has maximised the number of apartments offering sweeping panoramic views of Flagstaff Garden, Docklands, and the city back towards Southbank.

According to marketing agent Colliers International, Aspire Melbourne has been the fastest-selling “off market” residential project in Australia this year, with approximately 300 apartments already sold, totalling $225 million in sales.

“The Melbourne CBD apartment market has evolved in response to both the strong growth of the overall city as well as the increasing attraction of the CBD which offers unique lifestyle appeal especially to the fast-growing cohorts of young professionals and university students,” said Tim Storey of Colliers International.

Located in the heart of Melbourne’s CBD, future residents of Aspire Melbourne can enjoy the luxury and convenience with Melbourne’s best cafes, restaurants, shopping precincts, entertainment areas, and educational institutions surrounding the area including Higher Ground, Bourke Street Mall, Melbourne Central, Emporium, China Town, Melbourne University, and RMIT.

The project signifies ICD Property’s second central city residential development in Melbourne after the successful completion of Eq. Tower in 2016. The local developer’s ongoing pipeline of projects also includes 65 Federal Street, a mixed-used tower in Auckland; Gen Fyansford, a circa 1,200-lot community in the Geelong region; and the redevelopment of Sydney’s prestigious City Tattersalls Club located at 194 – 204 Pitt St, less than a five-minute walk from Pitt Street Westfield.