International investment firm LaSalle Investment Management and Australia’s largest privately owned company Toga Group will co-invest in a major residential scheme at Macquarie Park in Sydney.
The project will comprise 561 apartment units in five stages that will be developed over five years. Stage One of the development is expected to be launched in October, with construction works starting in the first quarter of next year.
“This development alongside our existing developments underway in Potts Point and Bondi is part of Toga’s increasing focus on the Sydney residential apartment market where it will continue its strategy as a leading developer and builder of high quality mid- to up-scale apartments,” said Ervin Vidor AM, Group Executive Chairman of Toga.
The Macquarie Park development will be added to Toga’s three other residential projects in Sydney, namely, the redevelopment of the Hakoah Club site on Hall Street in Bondi and the conversion of the Mansions and Hampton Hotels in Potts Point.
Mike Stratton, Regional Director for Acquisitions (Australia), LaSalle Investment, said the company’s “co-investment with Toga Group is another strong example of how LaSalle is pursuing partnerships with ‘best in class’ developers in the Australian market.”
“As a firm, we plan to take advantage of the rich opportunities the Australia market currently affords, as part of our long-term business strategy to place capital in a region where we see real opportunities.”
The development is the third high-profile residential investment made by LaSalle so far this year, following its partnership with Leighton Holdings in March to develop a new housing estate in Sydney’s Erskinville and another partnership with Australand in July to acquire and develop the Clempton Park site in Southwest Sydney.
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