Frasers Property Australia and Mitsui Fudosan Expand Joint Venture at Midtown MacPark

In a strategic move to bolster their partnership, Frasers Property Australia and Mitsui Fudosan, a global diversified group, have announced the expansion of their joint venture at the A$2.2 billion Midtown MacPark masterplanned community in Sydney.

This collaboration aims to deliver three additional apartment developments, with a combined estimated end value of A$797 million, further solidifying their commitment to creating a thriving community for residents.

GALLERY  

The original joint venture, established in early 2022, began with the development of MAC Residences, the first building at Midtown MacPark. Designed by Bates Smart, this iconic building consists of 269 apartments, and it has been met with remarkable success, with only seven units remaining unsold. It has attracted a diverse range of buyers, including first-time homeowners, young families, singles, downsizers, and investors, showcasing the project’s broad appeal.

The expanded partnership now encompasses four buildings, including the upcoming Treehouse development, set to commence construction in late 2023. Treehouse will offer 162 apartments and unique green breakout spaces, along with approximately 1,000 sqm of ground-floor retail space. To date, approximately 43% of the apartments have already been sold since its launch.

The other two developments within the expanded joint venture are yet to be named. One will feature 268 market apartments, 216 community housing dwellings, and four terrace homes, with a targeted sales launch in March 2024. The final building in the joint venture will comprise 234 market apartments and is expected to be launched in the last quarter of 2024. All four developments will incorporate rooftop solar installations and smart meters, with 100% Climate Active-certified carbon-neutral energy provided by Real Utilities, a wholly-owned licensed energy retailing business of Frasers Property Australia.

Frasers Property’s commitment to sustainability extends to its ambitious goal of achieving a 6 Star Green Star Communities rating for Midtown MacPark, with a vision for the community to operate as carbon-neutral. The project, set to develop over the next 10 to 12 years, will integrate approximately 3,300 apartments with various community facilities, including a central Village Green, pocket parks, cycling and walking trails, a community center, shops, cafes, and more, contributing to a vibrant and inclusive community designed for 100% walkability.

Located 13 km north-west of the Sydney CBD, Midtown MacPark is ideally situated, offering easy access to schools, workplaces, shopping centers, public transport options, and a world-class university. The expansion of the joint venture between Frasers Property and Mitsui Fudosan not only furthers their commitment to creating a sustainable and thriving community but also enhances their presence and contribution to the Australian property market.

Via Frasers Property

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