Real estate investment management firm Qualitas and developer GEOCON have announced a partnership on the landmark $140 million Wayfarer Apartments in Canberra, to provide mezzanine finance to the project alongside the senior lender.
The project, located in Belconnen, will become Canberra’s tallest residential tower, constructed over 27 levels, with 331 residential apartments and over 500 square metres of ground floor commercial and retail space.
The project has already enjoyed strong pre-sales, with over 90% of buyers coming from the ACT thanks to a successful, on-the-ground marketing campaign.
Tim Johansen, Managing Director of Real Estate Finance at Qualitas, said, “The Wayfarer Apartments project ticks all the boxes that we look for in a partnership.
GEOCON is a well-established developer in the ACT, with strong construction experience in their market and a track record of successful developments.
“The developer has already achieved strong take up of the apartments through a pre-sale campaign and is well into the construction of the building. Moreover, the apartments are well-designed, offering quality finishes and impressive views in a sought-after location. It’s close to Westfield Belconnen, University of Canberra and two large Federal Government departments.”
GEOCON is a Canberra-based integrated property development, construction and hotel management group specialising in residential apartments and hotel development. Founder and Managing Director of GEOCON, Nick Georgalis, said, “Securing a capital partner like Qualitas is ideal for the project, which is progressing well and attracting a large number of local buyers given the unique, high-end design and quality features. By partnering, we’re able to continue to deliver to the Canberra market a product that is well received, and our delivery of over 400 apartments in the past 12 months is testament to this.”