Aura by Aqualand, a mixed-use development that is coming up in North Sydney, Australia, has received a $600M shot in the arm. This was revealed by Aqualand Group and Qualitas, one of Australia’s leading alternative real estate investment managers.
The funding package is reportedly one of the largest property development finance arrangements and one of Australia’s largest non-bank loans.
An overview of the Aura by Aqualand
The mixed-use development, featuring +++++, is located at 68 Walker Street in North Sydney. In total, the 28-level Aura by Aqualand will have 386 apartments in addition to dining precinct spaces.
Also Read:Â South Melbourne development in Australia breaks ground
Moreover, the project will have an underground car park as well as podium-level floor plates, the construction of which has already been completed. According to the contractor, Aqualand Construction, the residential levels are currently reaching past the fifth floor. Practically, the project aims to have completed construction works by mid-2024.
Significance of the project
The 4,898 square meter site is in a perfect position to contribute towards the reactivation of the North Sydney CBD, especially, as a premier residential destination. Impressively, its location sits right at the doorstep of the council’s Ward Street Precinct master plan.
The Global Head of Real Estate and Co-Founder of Qualitas Group spoke about the project. Mark Fischer said that the landmark project will contribute to urban regeneration. More importantly, Mark noted that the project’s development prioritizes sustainably.
Meanwhile, the Managing Director of Aqualand Group also spoke about the project. Jin Lin remarked that the project plays a significant role in North Sydney’s rebirth.
