The first project under a new joint venture between Mirvac and China's Ping An will not only be a test of the new relationship, but also the Sydney apartment market.
The $200 million The Finery project at Waterloo will comprise about 226 apartments along with 1,000 square metres of retail space. Full details and pricing are expected to be released shortly.
The project is the first to be delivered under a joint venture with Ping An Real Estate, a subsidiary of the Ping An Insurance Group of China, to develop residential projects in key cities in Australia. Under the partnership Ping An will bring its massive financial clout while Mirvac will provide development, construction and sales management services for The Finery.
Mirvac’s CEO and Managing Director, Susan Lloyd-Hurwitz, said: “We are thrilled to be entering into a joint venture with a substantial organisation such as Ping An Real Estate, which provides Mirvac with the opportunity to expand the relationship to both existing and new projects.
“The Group’s ability to align with quality capital partners such as Ping An is consistent with our strategy of leveraging the Group’s development skills to deliver superior residential product, while maintaining a focus on enhancing returns to our security holders.
“We look forward to working with Ping An over the long term."
Chairman and Chief Executive Officer of Ping An Real Estate, Mr Zhou Yimin, said: “We are delighted to have entered into this strategic cooperation with Mirvac. Mirvac’s long history of high quality product and strong execution capability is important for Ping An Real Estate to carry out our business plan in Australia. Combining Ping An Group’s strong integrated platform and investment capacity with Mirvac’s leading market position in Australia, we are confident that the cooperation will bring satisfactory results.”
The Finery is located approximately 3.5 kilometres south of Sydney’s CBD and is in close proximity to Sydney Airport, Sydney and NSW Universities, Centennial Park and the Eastern Suburbs beaches.
The unique project has been purposefully designed to not be like anything seen before in Waterloo.
"The Finery will offer a refined living experience, and will be an outstanding place to live, work and invest. Mirvac’s success comes from responding to customer needs and understanding how to create investment value," Mr Lloyd-Horowitz said.
The Finery will offer a selection of distinctive one, two and three bedroom apartments, with layouts that are designed to maximise space, views and sunlight. Beautiful craftsmanship, with a focus on the finer details delivers spaces that exude sophistication and warmth.
The Finery will be part of a bustling new inner-city space. The City of Sydney Council has a clear vision for the area, one that will see the gradual transition of Waterloo from an industrial inner-city suburb, to a vibrant, mixed-use residential neighbourhood.
With access to convenient public transport including the future Sydney Metro Station in Waterloo and a proposed light rail stop that will connect residents with Green Square and the CBD, residents will enjoy ease of connectivity with the rest of Sydney.