No stopping Kokoda in Brisbane as GoldmanS Sachs funded construction on landmark project commences
There is no stopping the forward momentum of Kokoda Property’s $248m project in Newstead, Brisbane, with the luxury developer breaking ground in the Queensland capital.
Last month, one of the world’s biggest global investment firms, Goldman Sachs, announced it would fund $120m towards construction of the dual-building project, Chester & Ella. The funding was the first of its kind in Brisbane over $100m, demonstrating unwavering confidence in the developer’s proven track record and position as an industry leader.
Kokoda Property director, Sam Tucker, says Chester & Ella is a trailblazer in the Brisbane landscape delivering world-class design and amenity, giving it a distinct advantage as a developer of choice.
“ The positive response to Chester & Ella across all market segments has underlined the approach we have taken to the project. Every decision has been examined and managed with great attention to detail, from our due diligence in acquiring the site, to design inspired by luxury hotels and the advisory partners we have worked with along the way,” Tucker said.
Kokoda Property director of construction, Brett Serratore, expressed the sentiment behind the milestone.
“ We are extremely proud to be breaking ground on our first project in Brisbane. Reaching this point in our journey with our partners and collaborators is deeply rewarding and validates our strong, positive outlook for the Brisbane market. We are very excited to be partnering with Hutchison Builders on such a landmark project,” he said.
Despite the widely debated state of the Brisbane market over the past four years, Kokoda Property’s positive view is backed by heavy weight property research firms such as Place Advisory, Urbis, CBRE and JLL.
JLL’s Australia Brisbane Apartment Market Commentary for Q3 2017 states that Queensland’s economy has continued its improvement phase over the first half of 2017, marking the third consecutive quarter of growth for the state’s economy. Whilst CBRE Research has found that the fundamentals of an economic boom are present and that all signs point to a strong period growth in the near future.
“ The continued growth of the Brisbane economy, the significant infrastructure investment, and the increasing population and employment options are all strong indicators for the continued success of the city, and we will continue to contribute to its success through our projects,” said Tucker.
“ The reduced availability of finance means that only the best projects in Brisbane are moving to the construction phase. This, in turn, is driving up the quality of multi-residential living in the city, which is a strong positive for Brisbane’s future,” he said.
Brisbane-based Hutchinson Builders a family business who employs over 1400 staff and is celebrating 105 years of operation is the construction partner and scheduled to complete construction in late 2019.