Melbourne developer Fridcorp has snapped up the 50 per cent interest it didn’t control in a $700 million mixed use project in Sydney’s south, from Wingate.
Beyond at 93 Forest Road, Hurstville, spreads a 1.4 hectare site and is set to include four residential towers, ranging in height from eight to 20 storeys, a Woolworths supermarket, 4500 square metre public plaza and 300-bay visitor car park.
Anticipated to include a total of about 600 apartments, the project has secured pre-sales worth about $200 million.
Construction, which recently started, is expected to end by the end of next year.
The buildings have been designed by DKO while apartment interiors will be created by Woods Bagot.
Piety, engaged as the builder, will have a financial interest in the project.
One of Fridcorp’s “toughest projects to get to financial close”
Fridcorp chief executive officer Nigel Givoni said Beyond has been one of the company’s toughest projects to get to financial close.
“While it has been challenging to get construction underway due to the current economic and funding climate, Fridcorp is proud to commence what will be an exceptional-quality, design-led project with one builder, Piety.
“The towers will front the newly upgraded Kempt Field Park and will be positioned around the retail plaza, including the Woolworths and other quality offerings,” Mr Givoni added.
Stage one will comprise the first 200 apartments – 70 per cent of which have already been sold – as well as the supermarket and associated retail.
Stage two will deliver two more apartment buildings – one which is half pre-sold.
Marketing of units within the final residential building is expected to start a year from now, Mr Givoni said.
Beyond is close to a Westfield Hurstville and the Allaway train station.
Hurstville is about 16 kilometres from the city.
Piety keeps its pipeline pumped
Piety has recently completed more than 1000 Sydney apartments including at the Imperial project, also in Hurstville.
Imperial contained 235 flats.
View, at Rockdale, four kilometres north east of Hurstville, contained 91 dwellings.
At Wentworth Point, 16 kilometres west of the city, it developed 480 units as part of its One The Waterfront development.