Frasers Property Australia has announced an alliance with Japanese developer Mitsui Fudosan to deliver three additional apartment developments at Frasers’ $2.2 billion Midtown MacPark in Sydney’s north west.
Building on from the original agreement to develop MAC Residences, the expanded partnership will see three more buildings funded jointly by the two entities, delivering a total 1,149 apartments and four terraces.
“Working together to deliver MAC Residences at Midtown MacPark has demonstrated the strong alignment in values and priorities between Frasers Property and Mitsui Fudosan. This includes our shared commitment to create high-quality, sustainable assets as part of a wonderful community for our customers,” says Mark Gleeson, Executive General Manager Investments at Frasers.
“Our growth strategy is to draw on our core capabilities and leverage the experience of our partners to create premium assets, and to recycle capital to pursue new opportunities aligned with our specialist expertise, particularly in large-scale, mixed-use community development and placemaking,” he adds.
The Bates Smart-designed MAC Residences will be the first completed building within the community. Comprising 269 apartments and a number of resident-only amenities, the building is scheduled to open in the coming months.
Treehouse, designed by StudioJohnston, will feature 162 apartments, with a number of green breakout spaces and 1,000 sqm of ground floor retail. Construction is due to begin later this year. Two additional unnamed developments, one of which will comprise 268 market apartments, 216 community housing dwellings and four terrace homes, will head to market in March 2024. The final building in the joint venture will feature 234 market apartments and is anticipated to be launched in the last quarter of 2024.
Each development will feature rooftop solar and smart meters, in a bid for the entire community to achieve a 6 Star Green Star Communities rating. 216 community housing dwellings will be created as part of the alliance between Frasers Property and Mitsui Fudosan, with 954 to be created in total when the community is complete.
Kenji Oka, Managing Director of Mitsui Fudosan Australia, says he looks forward to seeing the future developments take shape.
“Our existing partnership with Frasers Property Australia at Midtown MacPark is built on the strong relationship established between Mitsui Fudosan and Frasers Property on an international basis,” he says.
“It makes sense to take our growth in the Australian market to the next level by contributing our expertise to a high-quality community development with a partner we know.”
Once complete, the $2.2 billion Midtown MacPark will be a masterplanned, walkable, green community home to 3,300 apartments. A central Village Green, pocket parks and playgrounds, cycling and walking trails, commercial pool and gym, community centre and retail options will open over time. The Village Green, pool, gym and community centre will be delivered in line with the Treehouse development.
For more information, visit midtownmacpark.com.au.
