MaxCap Bankrolls Luxcon’s Byron ‘Boho’ Property Play

The boho life is to be given the high-end treatment in the centre of Byron Bay under plans for a $200-million mixed-use development along the NSW North Coast town’s main street.

Sydney-based Luxcon Group has acquired Byron Plaza—a long-established retail strip ripe for redevelopment—with a $32-million first mortgage land facility provided by MaxCap Group.

Across the road from Cheeky Monkey’s restaurant and bar purchased last year by pub mogul Justin Hemmes, the 5390sq m site has an almost 100m frontage to Jonson Street. 

“It’s really an opportunity to completely redefine Byron’s town centre, which we’re kind of excited about,” Luxcon founder Ilya Melnikoff told The Urban Developer.

The recently settled deal followed nine months of negotiation to secure the site at 90-96 Jonson Street, which has an existing approval in place for a three-storey mixed-use development comprising 50 apartments above a retail plaza. 

But Melnikoff said Luxcon was currently in the process of revising the approved scheme with architectural and layout changes as well as a reduction in the number of apartments.

“We’re going for more of a Mediterranean sort of look and feel in line with Byron's coastal vibe,” he said.

“Also, the previous scheme catered more for a serviced apartments design and we’re moving towards a more elevated, high-end scheme.”

The amended plans by PBD Architects are expected to be lodged with the Byron Shire Council in coming weeks with a view to starting construction in March next year.

▲ Luxcon is revising the Byron Plaza site’s approved scheme for a more high-end “Mediterranean look and feel”.

To be known as Bohemian, the proposal will comprise a ground-level plaza to be curated with an eclectic mix of retail and food tenancies—including a hawker market-style Spice Lane—as well as basement parking for 166 vehicles.

Capitalising on Byron’s rise as a global residential hotspot for the well-heeled, the development is to be capped by 45 two and three-bedroom apartments with a rooftop ‘beach club’ recreational area, including an infinity-edge pool, gym and spa.

Byron’s median house price more than doubled during the pandemic, hitting $3.09 million—significantly higher than most Sydney suburbs.

MaxCap NSW director David Oudshoorn said the non-bank lender was delighted to be partnering with Luxcon on its project in Byron Bay, which in recent years had experienced strong market conditions for both residential and retail-commercial properties.

“Given the high-end product offering and lack of quality stock available, the apartments should appeal to both local owner occupiers—particularly downsizers—and high net worth property investors,” he said.

Over the years, multiple development proposals have been filed for the Byron Plaza site, which is only 550m from the beach and in the heart of the Jonson Street shopping and dining strip.

Luxcon has a pipeline of high-end mixed-use projects with a combined end value of just under $1 billion across Sydney, Melbourne and Gold Coast in various stages of delivery.

Earlier this year, it put its foot on an amalgamated 1011sq m site along Garfield Terrace at Surfers Paradise with plans for a 30-storey tower comprising 28 whole-floor apartments.

In another proposed Byron Bay project, Brisbane-based developer Vitale Property Group has lodged plans for a trio of three-storey boutique apartment buildings with 26 apartments each with three bedrooms, three bathrooms and three carparks.

It is earmarked for an amalgamated 6000sq m oceanfront site between 2-4 Milton Street and 29 Shirley Street—the main road into Byron Bay from the north.