Fridcorp buys balance of Hurstville project
Melbourne developer Fridcorp has snapped up the 50 per cent stake it didn’t hold at 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 will include four residential towers, ranging in height from eight to 20 storeys, a Woolworths supermarket, 4500 sqm public plaza and 300-bay visitor car park.
It is anticipated to yield 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.
DKO was the architect.
Woods Bagot will create the interiors.
Piety, the builder, will also 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 executive added.
“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,” according to the businessman (story continues below).
Stage one will comprise 200 apartments – 70 per cent of which have pre-sold – supermarket and associated retail.
The second phase will deliver two more residential complexes – one which has been half sold.
Marketing of the final buildings is expected 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’s recent projects
Piety has recently completed more than 1000 Sydney apartments including at the Imperial project, with 235 flats, also in the suburb.
View, at Rockdale, four kilometres north east of Hurstville, contained 91 dwellings.
At Wentworth Point, 16 kilometres west of Sydney, it developed 480 units as part of its One The Waterfront.
