Metrics secures another apartment site
Metrics Credit Partners has bought another high density residential site, this time partnering with Odus.
The pair are paying Melbourne developer Harry Stamoulis $55.68 million for the 1355 square metre parcel, 3555 Main Beach Parade, Main Beach – until recently, the Hibiscus apartment complex.
With 30 metres beach frontage, the block came permit ready for a 21 storey tower with 31 dwellings – a project branded ARI during an off-the-plan sale campaign run by Stamoulis Property Group.
It neighbours another Odus project backed by Metrics, La Mer, which is under construction.
SPG will support the incoming owners over a four-month transition period.
ARI a step closer
ARI will contain half and full floor dwellings and a two storey penthouse.
Residents will also have access to a business lounge, gym, pool and spa.
Builder Nazero, which is also completing La Mer, has been appointed; Odus and Metrics will first make minor style updates to the façade and interiors.
The incoming site owners are planning a formal sales campaign launch – units will start from $7.5m, it said.
Completion is scheduled in early 2028.
The Gold Coast deal comes five months since Metrics took control of a residential-based mixed use project in North Melbourne.
Also in January, it teamed with Billbergia for a two tower Sydney CBD project.
Last year meanwhile, Sydney based Metrics seized control of Neil Perry’s Rockpool hospitality empire, which had accrued debts.
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