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AMP Capital today confirmed that the first stage of its residential development at Wentworth Point in Sydney has been completed and fully sold, five months ahead of schedule. Stage Two is now under construction.
AMP Capital’s Select Property Portfolio No. 3 (SPP3) holds a 25 per cent interest in the project alongside joint venture partners, Billbergia Pty Ltd and a separate account client of AMP Capital.
AMP Capital Select Property Portfolio Fund Manager Warwick Petschack said the strong sales result and early completion was an excellent outcome for investors.
“We are delighted the first stage of 285 apartments has completely sold out, proving there is high demand for affordable, quality apartments in a central location in the greater metropolitan area,” he said.
“The weekend announcement of a new $43 million bridge linking Wentworth Point to Rhodes is an excellent outcome for residents, eliminating a 12 kilometre round trip to shops, workplaces and public transport,” Mr Petschack continued.
The completion of Stage One has now enabled work to commence on Stage Two ahead of the construction program. Stage Two is now expected to be completed in late 2014 and comprises 252 units with 114 already pre-sold.
The site at 1 Burroway Road adjoins the Wentworth Point maritime land that the NSW Government has recently announced as an Urban Activation Precinct. That site is set to become a mixed-use maritime hub comprising recreational and boating facilities with a mix of retail, commercial and leisure uses integrated with the surrounding residential community.
SPP3 is a close ended, unlisted diversified fund that focuses on higher return/higher risk property opportunities in the Australasian property market. The fund also has a joint venture with Billbergia for a development in Brisbane’s CBD at the 111 + 222 site prominently located between Mary and Margaret streets, formerly known as the Vision site.