Frasers and Japanese joint venture partner Sekisui House have secured $550 million in funding for the 5.8-hectare mixed-use Central Park development on Broadway in central Sydney.
The debt facility is being provided by ANZ and The Bank of Tokyo-Mitsubishi UFJ and will be used to fund the construction of approximately 1,400 apartments across five residential towers and a 16,700-square-metre multi-level retail centre at Central Park development.
According to Frasers, the loan agreement is one of the largest development facilities agreed in Australia post-GFC.
Frasers Property Australia CEO Guy Pahor says the loan represents “a major milestone in the development of Central Park”.
“Construction is well underway at Central Park and sales are progressing exceptionally well,with more than 80% of the 623 apartments within One Central Park now sold,” Pahor says.
Earlier this month Watpac Construction was granted the $240 million contract for the second residential stage at Central Park, taking current construction commitments to over $600 million.
In July 2011 Frasers Property Australia and Sekisui House Australia formed a joint venture partnership to jointly develop the majority of the $2 billion mixed-use Central Park development.
When completed, the Central Park project will have 1,900 apartments as well as student housing, a hotel and a 70,000-square-metre commercial office campus.
Key heritage buildings have been retained and will be restored, preserving the site’s cultural heritage.
Central Park will showcase the talents of some of the world’s leading architects and international designers including French architect Jean Nouvel of Ateliers Jean Nouvel, the UK’s Foster + Partners, French botanist and artist Patrick Blanc, and Australian architects Johnson Pilton Walker, PTW Architects and Tonkin Zulaika Greer.
Apartments currently for sale at Central Park range in price from $505,000 for a one-bedroom apartment to $2.295 million for a three-bedroom penthouse.