Cbus Property has handed a $200 million-plus construction contract to Queensland firm Hutchinson Builders for its three-tower residential mixed-use project, The Langston, in Epping.
The superfund-backed developer said Hutchinson Builders will begin work on the 463-apartment precinct in January 2019. The Langston will mark Cbus Property's first project with Hutchinson Builders.
The $500 million apartment project will include a 1,681sq m retail precinct, with open space and pedestrian links connecting the development with the Epping train station and new town centre.
The NSW government rezoned 54-hectares of land to make way for the urban revitalisation of the area – with Cbus Property among a handful of developers taking advantage of the residential high-density rezoning.
The project, when finalised, will comprise three towers of 19-, 24- and 29-storeys.
“The Langston will significantly contribute to the revitalisation of the Epping Town Centre and as such, choosing the right delivery partner was critical for Cbus Property,” Cbus Property chief executive Adrian Pozzo said.
“Hutchinson’s excellent track record, having delivered over 7,000 projects around Australia with a combined value of over $32 billion, ultimately stood out.”
Presales commenced at The Langston in May, with a two-storey penthouse sold for $2.75 million, setting a record for the area. The penthouse spans levels 27 and 28 of the first of the three buildings, Langston Tower.
Cbus Property’s has a $4.5 billion investment pipeline and an enviable portfolio of towers across the country.
Despite a tightening property market, the developer is pushing ahead with its “Pantscraper” development project, 447 Collins Street, and has recently lodged a proposal for a 35-storey residential tower at 17 Spring Street – just down the road from the recently completed 35 Spring Street.
This year Cbus Property acquired new commercial development sites in Pirie Street Adelaide and an amalgamation of sites in Melbourne's CBD including Chip Eng Seng's troubled 150 Queen Street Melbourne project site.
Pozzo says that the Cbus Property mandate is mainly focused on Australian capital cities, targeting premium quality sites for future development opportunities.