Two of Australia's leading privately-owned property development and investment companies, Capital Corporation and Bluestone Property Group have merged to create a development powerhouse with a current pipeline of more than $2 billion worth of projects.
The merger draws together the resources, teams and significant portfolios of both, to create a $2B multi-sector development pipeline, under the direction of two simpatico partners. Capital Corporation's founder and Managing Director Steve Grant will take on the role of Executive Chairman, while Bluestone's founder and Managing Director Ben Fairfax will continue in that role for the new entity.
The business 'amalgamation' is the logical next step for both and enhances their capability to manage a substantial future project workbook.
Capital Corporation's founder and managing director and now Executive Chairman of Capital Bluestone Steve Grant, says the group's combination of market longevity and reliability teamed with an innovative development partnership model make them a compelling proposition.
"For us it's about looking to the future in an innovative, financially sound way. Capital and Bluestone have complementary experience and skillsets underpinned by the same values when it comes to collaboration, partnership and contribution to community.""We also share a passion for excellence and characteristics of trust, honesty, flexibility and co-operation that will help us deliver more outstanding results.""Formally joining together was a natural evolution of our relationship," says Mr Grant.
A safe pair of hands
Capital Corporation's 25-year track record covers residential, commercial, industrial and retail property development. Widely regarded as the pioneering developer of Sydney's hugely successful 172-hectare Norwest Business Park, Grant's Capital Corporation has delivered a $700m portfolio of 45 buildings, and accommodated the workspace needs of more than 1000 businesses since 1990.
Since 2010, Capital's collaborative approach has delivered a further $570 million in development partnerships, and as a combined group Capital Bluestone has delivered over $2.5 billion in total project completions.
Bluestone Property Group, founded by Ben Fairfax in 2009 has rapidly earned a market reputation for its approach to community-focussed development, with its flagship $750 million Sutherland Shire project Woolooware Bay Town Centre deep into construction and due to welcome its first residents in late 2016.
[urbanRelatedPost][/urbanRelatedPost]The project will deliver more than 600 apartments, a new shopping, dining and entertainment precinct and a rejuvenated new Club environment for joint venture partner the Cronulla Sutherland Leagues Club.
Woolooware Bay has already proven a market success story, with all 460 available apartments selling out since launching in January 2014 - 97 per cent to Sutherland Shire locals. The project has already earned industry recognition, with a state award for Marketing in 2014 and another for Concept Design this year - both from the Urban Development Institute of Australia (UDIA) NSW.
Bluestone maintains a close dialogue with purchasers and works at creating a genuine sense of ‘neighbourhood’ through regular group events well before the first residents move in. They have also forged long-term and often hands-on relationships with local schools, sporting groups and community organisations in an effort to truly help the area address specific social needs.
“The better we connect with our communities, the better we understand what they need, and how we can address those issues ensuring a long-term sustainable development.,” says Mr Fairfax.
Partnering for business and community success
The partnership with the Sharks has delivered a windfall and ongoing revenue opportunity for the club. Similarly, a partnership with the Kogarah RSL, seeks to reinvigorate the fortunes of the service club and provide them with a revitalised business model, financial independence and a sustainable future..
Veridian launches to the market in coming months and will provide the Club with a new 2,000sqm trading floor, including alfresco dining spaces. Above the club, two 11-storey buildings will include 220 apartments in a mix of mainly one and two bedroom configurations.
“In any partnership, our first step is to sit, listen and understand the requirements of our partners’ business model and their assets, and then we build a property solution around that,” he said.
While Capital Bluestone’s innovative business model focuses on partnering with organisations such as service and sporting clubs, churches and community groups it will also act as the development manager for private investors for other projects, such as Esplanade, another groundbreaking approach at Norwest by Capital Corporation.
Esplanade is the redevelopment of the existing Sydney Ice Arena on Norwest Lake into an integrated vertical waterfront community comprising residential towers, community space, boutique offices and a boardwalk enlivened with restaurants, cafes and bars.
“It’s something totally different for this part of Sydney. You say Norwest and people think business. It’s time to turn this into an absolute destination for high-end dining, business and apartment living,” says Mr Grant.
With work on the Norwest underground rapid transit station progressing, Esplanade is perfectly positioned as the area goes through a transformation to becoming a vibrant, refreshed, new business and lifestyle precinct, he says.
