Polymer clients, leading Australian integrated property development group, Aqualand Group, and Qualitas, one of Australia’s leading alternative real estate investment managers, have announced a circa $600M funding package, which is believed to be one of the largest property development project finance arrangements provided by an alternative financier in Australia.

Aqualand Group will use the finance to complete the construction of their mixed-use AURA by Aqualand luxury residential, retail and commercial development project in North Sydney.

Wayne Mo, CEO AL Capital Holding, Aqualand Group’s funds management arm, and Acting CFO Aqualand, said the partnership with Qualitas has come at an important time in the company’s progression.

“Aqualand is currently in the midst of its strongest growth period and is well placed to be at the forefront of property development in Australia for decades to come. Strategic partnerships of this nature will assist us in making this possible,” said Mr Mo.

Mark Fischer, Global Head of Real Estate and Co-Founder, Qualitas Group, said AURA by Aqualand is a model for future residential development.

“Landmark projects such as AURA by Aqualand, that contribute to urban regeneration and which are developed with a commitment to sustainability, are imperative in the major Australian gateway cities experiencing historically low vacancy rates and heavily constrained supply of new residential product,” said Mr Fischer.

Located at 168 Walker Street in North Sydney, AURA by Aqualand will accommodate a luxury 28-level mixed-used development including 386 residential apartments, a retail and dining precinct and commercial spaces.

Being delivered by Aqualand’s award-winning in-house construction team, Aqualand Construction, the project is well underway, with the underground carpark and podium level floor plates already complete and the residential levels now reaching past the fifth floor. Practical completion is expected by mid-2024.

The project has been popular with buyers with a strong level of early pre-sales, with the third release of apartments recently announced for sale.

The 4,898sqm site is perfectly positioned to contribute to the reactivation of the North Sydney CBD as a premier residential destination, due to its location on the doorstep of the council’s Ward Street Precinct masterplan.