The Ambrose – Milton river precinct deal announced
Melbourne, 22 October 2020 – MaxCap Group, Australia and New Zealand’s leading commercial real estate lender and investment manager, confirmed today that it has delivered a circa $90m Construction facility to assist Kokoda Property Group with the development of a residential project known as “The Ambrose”, located in Milton QLD 4064.
MaxCap has been Australia’s most prominent lender for large scale construction funding throughout the pandemic with more than $1.5bn committed since April 2020.
The Ambrose will consist of 181 apartments in a 20-storey building. The focus of the project is on a luxury lifestyle concept, supported by extensive communal facilities with concierge, health and wellness centre, private dining and wine storage, entertainment deck, rooftop terrace, and swimming pool.
“We see this as an outstanding project with all the virtues we look for in credit worthy large-scale residential developments,” said Brae Sokolski, Co-Founder MaxCap Group. “With its proximity to the CBD and the Brisbane River, Milton is a sought-after location and the product delivers a new level of quality to the precinct.” “The Ambrose is similar to Kokoda’s recently completed Chester & Ella development, offering a high-quality build and finish, and superior level of amenity compared to other projects.”
Kokoda is a property development company established 22 years ago that initially focussed on developing luxury homes in affluent Melbourne suburbs. Headed by Mark Stevens, the company has delivered in excess of 100 developments since 1997.
“Mark Stevens and the broader Kokoda Property Group are well-known and highly regarded by the MaxCap Investment team,” said Mr Sokolski. “They have an excellent track record and will be primarily responsible for delivering the Project.”
The South East Queensland market is relatively well positioned to weather Covid-19 impacts, being less reliant on overseas migration, benefiting from significant infrastructure spending, and relative affordability compared to NSW and VIC. There is also a dearth of supply forecast for the short to medium term in Brisbane which will limit the number of project completions and ensure the project remains a highly attractive proposition to potential purchasers.