Barings Revamps Ex-Crown Project at Waterloo

Investor Barings Australia has submitted significant changes to the Waterloo mixed-use project it acquired from Crown Group.

It is one of the buildings acquired by Barings company Altis Property Partners, alongside its joint-venture partner, Aware Real Estate, in a $121-million deal with Crown last year, prompted by the latter group’s liquidation following a stalemate between its founders.

The new owner cited “constructability” and recent changes to the National Construction Code for the amends to Building A of the Mastery project.

The plans from Ethos Urban outline modifications to one of the buildings at a wider project at 44-48 O’Dea Avenue, 11 Gadigal Avenue, and 14 Archibald Avenue in the inner-south suburb.

The modifications relate to various amendments to the design of Building A “to respond to evolving market demands”, and “to optimise constructability and to ensure compliance with the National Construction Code 2022 requirements” identified during detailed design. 

Barings is asking for amendments to the facade design and materiality, including the removal of a “sculptural veil”.

The new designs by Plus Architecture will provide an interface “that is more consistent with the area’s historical character”.

▲ The designs offer a “more subtle building character” of brick and dark metal cladding “to better reference the previous industrial history of the suburb”.

Supplementary roof gardens on level three and the rooftop will be removed, the remaining roof garden staircases will be enclosed, and rooftop gardens have been redesigned.

Changes also cover basement configurations and 37-unit mix, with design amendments to several apartments including the conversion of a level-two apartment into a bilevel apartment across levels one and two. 

Amendments to the design of the ground-floor and level-four communal open space, and adjustments to floor-to-floor heights have been included to ensure compliance with the National Construction Code 2022 that came into effect in May 2023.

▲ A render of one of the buildings at the Mastery project, Waterloo designed by Koichi Takada under Crown Group.

The building is part of a wider project submitted in 2016, the deferred commencement of which was activated in 2017.

The original DA was approved for Stage-1 development of preparatory works and concept approval of building envelopes for five mixed-use buildings of up to 20 storeys for residential, retail and commercial land uses.

The original Stage-2 development application for Building B was submitted in 2018, offering a maximum height of five storeys and 40 residential apartments.

US-based Barings has been investing in Australian markets since 2022.