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.

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.

MaxCap Group, Australia’s leading real estate financier has provided ID_Corp with a first mortgage land and construction peak debt facility in relation to their Glenlee Estate project.

Glenlee Estate is a residential land subdivision project consisting of 550 lots located in Charlemont, Victoria, a recognized growth corridor circa 8km south of Geelong CBD and 80km southwest of the Melbourne CBD.

ID_Corp has successfully completed numerous projects in metropolitan Melbourne and regional Victoria ranging from medium density developments to large land subdivision projects and has a diverse development pipeline valued at over $3.5 billion.

“We are delighted to be partnering with leading developer ID_Corp on this project. There are major supply constraints in the Geelong market, and sales within Glenlee Estate have been exceptionally strong. The nature of the peak debt facility provides ID_Corp with far greater flexibility for a multi-stage project when compared to traditional bank finance. We are very pleased to have been able to provide this tailored funding solution. Our diversified funding sources including our funds, mandates and through our strategic investment partner Apollo Global Management allows us to provide bespoke facilities and act flexibly,” said Zak Fennell, MaxCap Investment Director.

Real estate financier MaxCap Group has provided Pro-invest Group with a first mortgage facility for the $46.25 million acquisition of the Larmont Hotel, behind the famous Coca-Cola sign in Potts Point.

The 105-room hotel offers spectacular Sydney harbour views and is located within walking distance of the Sydney CBD and minutes the best shopping strips, cafes, bars and restaurants.

Pro-invest will undertake a refurbishment and reposition the hotel under the Hotel Indigo brand (part of the IHG Hotels & Resorts (IHG) family of brands).

The hotel will offer a design-led creative experience for guests which will celebrate the hotel’s neighbourhood story and the Potts Point locality, according to MaxCap, with each Hotel Indigo around the world reflects the spirit of their local community,”

The hotel is expected to open in the December quarter.

“We are delighted to be partnering with one of Asia Pacific’s hotel investment and acquisition specialists. As a fully integrated real estate business, Pro-invest’s strategy of acquiring assets and delivering active management, development and operations capabilities to fully integrated real estate business aligns perfectly with MaxCap’s focus on financing quality assets with the potential for significant value-add opportunities,” said Phillip Monsour, MaxCap’s investment director NSW.

Australian hotel sales hit $2.14 billion in 2022, according to CBRE – the second-highest transaction volume on record – and are tipped to hit a similar figure this year as tourism demand fundamentals and performance indicators improve again and entice investors into the market.

Among MaxCap’s recent commitments have been backing Accord’s $180 million North Melbourne commercial office development, and providing Deicorp Group with a first mortgage construction facility for its $185 million Rosebery development.

MaxCap Group, one of Australia’s leading Commercial Real Estate Investment Managers has appointed Bruce Wan as Head of Research.

Bruce is an extremely well-regarded commercial real estate strategist in the Asia Pacific region. He brings more than 25 years of experience in economic and investment analysis to MaxCap, with a focus on real estate market research.

He joins MaxCap from BlackRock where he was Head of Real Asset Research for the Asia Pacific region based mostly in Hong Kong for five years. Prior to BlackRock, he was an Associate Director at Macquarie Bank in Sydney for nine years in a client-facing role providing research and strategic advice to global pension and sovereign wealth funds. Before Macquarie, he held senior economics roles at Queensland Investment Corporation and Commonwealth Treasury.

At MaxCap, Bruce will lead the research function to support the business and product strategy. He will provide economic and commercial real estate market insights and strategic perspectives to investors on a global basis supporting the capital origination and the institutional mandate management team.