3 October 2024
Wingate, one of Australia’s leading commercial real estate private credit providers, along with another leading global investment manager, have together syndicated to provide a $238 million Senior Debt Construction Facility to the highly regarded Sunnyland Investment Development Group (SIDG) for their prestigious new development, Park Quarter. Located on Melbourne’s iconic St Kilda Road, the residential and hotel development is a much-anticipated addition to the city’s metropolitan landscape.
Park Quarter will feature an 18-level building comprising 204 premium residential apartments and a 216-key apartment hotel. Positioned near some of Melbourne’s most renowned cultural and recreational landmarks, including the National Gallery of Victoria, Albert Park Lake, and the Royal Botanic Gardens, Park Quarter will offer residents and visitors a perfect blend of modern living and first-class amenities in the city’s arts and lifestyle precinct.
Mark Harrison, Wingate’s Managing Director of Business Development, said: “We are thrilled to support this transformative development on St Kilda Road. Park Quarter aligns perfectly with Wingate’s strategy of investing in high-quality, well-located developments that provide value to our clients, co-investors, and the broader community.”
He added: “This area of Melbourne is iconic, and we are delighted to partner with such a reputable developer to bring further positive growth and vibrancy to the precinct.”
Park Quarter is backed by an experienced team, with Hickory appointed as builder, Gallagher Jeffs as project manager, and Colliers as the exclusive sales agent. Demonstrating the strong market demand for high-end developments, 85% of Park Quarter residences have already been sold ahead of construction.
With construction already underway, Wingate’s investment in Park Quarter reinforces its ongoing commitment to supporting high-calibre developments that enhance the urban landscape of Australia’s major cities.