MaxCap and Metro Property Group form joint venture capital partnership for ‘Fairview, St Ives’ project15 December 2022
MaxCap Group, Australia’s leading real estate financier, and award-winning developer, Metro Property Group (Metro), have formed a joint venture for ‘Fairview, St Ives’, a luxury town house development in Sydney’s affluent North Shore.
Fairview, St Ives located at 46-50 Cowan Road will comprise 24 oversized luxury townhouses designed to maximise views and aspects of the directly adjacent Pymble Golf Course, one of Australia’s most prestigious private courses.
St Ives is located approximately 20km from the Sydney CBD in the affluent Northern suburbs. The development is close to St Ives shopping precinct, prestigious schools, hospitals, the Northern beaches and bordered by national parks. Fairview is anticipated to be well received by local owner occupiers. Smaller, boutique projects continue to perform strongly in the current macroeconomic environment.
The end value for this development will be in excess of $100 million, with construction due to commence in 2023 and completion forecast for 2024.
“We’re delighted to partner with Metro on this fantastic project. We have forged an incredibly strong relationship with Luke Hartman and the Metro team and in the last 18 months have partnered together on four projects with end value of almost $300m. Metro is a market leader in the low-mid density residential sector and always deliver the highest quality projects.,” said Joe Vincent, Director, Direct Investments MaxCap Group.
MaxCap also recently provided a land and construction debt facility for Metro’s ‘Canopy, Crows Nest’ townhouse project which is scheduled for completion in early 2024.
Creation Homes Group, Metro’s building arm, will construct the development. Metro and Creation Homes Group are highly experienced developers and builders having completed over 50 projects, delivering more than 2,000 homes across Australia annually.