MaxCap Group / News / News / MaxCap and Central Element break ground on Ethos
Media Releases News

MaxCap and Central Element break ground on Ethos

May 19, 2023
Ethos Breaking Ground

18 May 2023, Sydney AUSTRALIA – Central Element, a leading independent Sydney property developer, and joint venture equity partner MaxCap Group officially marked the commencement of construction on their highly anticipated $150 million luxury residential development, Ethos Chatswood.

With a billion-dollar portfolio of developments, Central Element are leading the way in creating permanent, authentic, enriching places that revitalise the communities they belong in. The privately owned group has delivered more than 500 apartments in almost 20 years, across Sydney metropolitan locations.

Ethos was the first residential offering to be released in Chatswood’s CBD in a number of years and is now the first development to commence construction.

This momentous occasion was commemorated through a ground-breaking event held alongside project leaders and key stakeholders in attendance, including Wayne Chivas and Shane Smollen, Directors of Central Element, Joe Vincent, Director of Direct Investment at MaxCap Group, Adam Haddow, Director of SJB and Colin Rahim, joint CEO of Growthbuilt.

From left to right: Colin Rahim – Joint CEO of Growthbuilt, Shane Smollen – Director of Central Element, Joe Vincent Director of Direct Investment at MaxCap Group, Adam Haddow – Director of SJB, Wayne Chivas – Director of Central Element.

Wayne Chivas, Director of Central Element, said: “At Central Element, we strive to create exceptional living spaces that invigorate communities and shape the future of Australian living. With MaxCap Group and Growthbuilt, we have partnered with a team that shares our vision and is committed to delivering exceptional high-quality sustainable buildings. The months to follow will be an exciting time, and we can’t wait to witness Ethos emerge as a stunning addition to the Chatswood skyline.”

Growthbuilt, a leading construction company with over two decades of experience delivering premium projects built to the highest quality standards across residential and commercial sectors, has an exceptional reputation for delivering innovative designs and sustainable solutions. The gold star ICIRT rated company has won numerous awards in recognition of their incredible track record.

Colin Rahim, joint CEO of Growthbuilt said: “At Growthbuilt, we share a strong vision with Central Element on creating exceptional living spaces that enrich communities and shape the future of Australian living. We are committed to delivering outstanding quality and value for our clients and their residents. We are delighted to collaborate with Central Element on Ethos Chatswood bringing our expertise, experience, and passion to deliver a world-class, luxury living experience.”

Ethos Chatswood combined project teams: Central Element, MaxCap Group, SJB, Growthbuilt, CBRE and PAG.

MaxCap’s Direct Investment team has established an enviable record of success in originating and managing high-yielding investments, particularly in the mid-market joint venture development space. The team is currently managing a diversified portfolio with a total end value of over $5bn, including partnerships with Australia’s leading private real estate developers.

Joe Vincent, Director, Direct Investment, said: “After a hugely successful sales launch, we are excited to progress into the next stage of the project, with such experienced, capable and professional partners like Central Element and Growthbuilt.”

Demand for the SJB designed collection of ultra-luxury one, two, three and four-bedroom residences has been significant, resulting in unparalleled levels of enquiry and top-of-the-market prices. In October 2022, off-the-plan sales for Ethos were launched, and an impressive 60% of the development was sold during the opening weekend.

The state-of-the-art display suite located at 3 Spring Street in Chatswood is open daily for further interested buyers who can immerse themselves in the principles of Ethos. Visual insights into the project are advanced through digital technology and customers can visualise the quality of finishes by viewing the kitchen and bathroom display.

Completion of the development is anticipated for early 2025.