A $110 million hotel and apartment development in Liverpool looks set to kickstart a suite of development in the region to complement the construction of Western Sydney Airport.
Titled The Grand Liverpool, the building will comprise 72 apartments and a 192-key four-star hotel. The development is bankrolled by the Joseph Banks Property Fund, headed up by former politician John Hewson.
A spike in demand for hotels and apartments in the region has seen property developers look to capitalise, with the Sydney Morning Herald reporting the Joseph Banks Property Group is looking to outlay approximately $200 million across the east coast for mixed-use precincts. The Group did due diligence on more than 20 projects before deciding upon The Grand Liverpool.
“I co-founded Joseph Banks as our model is distinct from the now overcrowded non-bank loans market, where there are too many mortgage providers and not enough viable projects providing adequate returns to investors,” Joseph Banks Property Fund Chief Executive Dominic Lambrinos tells the SMH.
“Through our model we take a lot of the completion and return risk out of the equation by controlling projects through holding substantial equity and project management positions.”
The Grand Liverpool will be a welcome boost for what is regarded as Sydney’s third CBD. The apartments will each feature studies, co-working spaces and open-plan living areas, with residents able to access an exclusive gym, private gardens and rooftop terrace.
“The biggest influence on the fast-growing Liverpool area will be the $5.3 billion investment in Sydney’s second airport, with Liverpool located just 17 kilometres away and on the main train link to the city,” says Joseph Banks Co-founder Ross McDowall.
Other hotel developers such Pro-invest and the Intercontinental Hotel Group are looking to expand across NSW, with Pro-invest celebrating the opening of the Kimpton Hotel in Sydney and Intercontinental announcing a new Crowne Plaza to be at the Shell Cove Marina on the south coast.
