.png)
.png)
PRESS RELEASE
Monday 13 May 2024
Sydney, Australia: Award-winning Sydney-based property company, Urban Property Group (“Urban”), has exchanged on a transaction to acquire ‘Central Coast Quarter’ (“CCQ”), made up of 334 apartments and 2,800 sqm of retail, from St Hilliers. This acquisition marks a strategic move by Urban to enter the high-growth Central Coast market, and showcases the capability of a well-capitalised, strategic developer in a relatively unpredictable market.
Urban’s strategy prioritises buyer protection and quality assurance. The CCQ project, located at 26-30 Mann Street, Gosford, was initially to be developed and built by St Hilliers Group Entities, an iCIRT rated developer. With works to date being high quality, it has made the transition and purchase smooth, with buyers having peace of mind that St Hilliers has done a great job to date. With St Hillers' building arm entering into Voluntary administration, Urban, also iCIRT certified, identified the opportunity to acquire a well-designed, high-quality development, which is DA approved. Urban will honour the existing presales contracts with buyers already having been given the choice to rescind, giving buyer's ultimate flexibility, while providing certainty on an end date.
One of the key measures to be implemented by Urban to safeguard buyer interests is the application of 10-year Latent Defects Insurance (“LDI”), offering additional protection against unforeseen construction defects for 10 years from the date of purchase. Urban will seek to retrospectively apply this significant consumer protection to buyers of CCQ and will also employ stringent quality assurance measures to ensure timely completion of the construction phases. This proactive approach underscores Urban's reputation as a trustworthy partner in property development.
Construction on the premium CCQ project, which offers unobstructed views of Brisbane Waters, is set to recommence in the coming months. With a phased completion strategy spanning three stages, Stage 1, known as The Waterfront, is already underway and will see the execution of a 25-storey mixed-use building. This phase will include retail spaces, public domain, high-quality apartments, parking facilities, and a food and beverage precinct to complement the development.
David Chandler, NSW Building Commissioner, said: “The smooth transition of the Central Coast Quarter project to Urban Property Group is an exhibit of everything that the NSW Industry reforms of the last five years set out to achieve. Trustworthy players delivering trustworthy buildings – which we backed by the assurance of iCIRT ratings and LDI – 10-year warranty insurance.”
Patrick Elias, Chief Executive Officer of Urban Property Group, said: “In times of industry uncertainty, well-capitalised and well-managed property groups have a unique opportunity to step in, stabilise and revitalise projects - ensuring continuity for buyers, the construction industry and communities.
“At Urban Property Group, we see the acquisition of Central Coast Quarter as not only a strategic investment, but also the chance to showcase the strength of our team and our commitment to excellence in property development.
“Our approach to Central Coast Quarter is rooted in our proven track record of success, meticulous planning and dedication to delivering exceptional results. We understand the personal significance behind the purchase of a home, and hold ourselves to the highest standards in producing residences that our team would be proud to live in.
“We recognise the significance of this project to the community, the existing buyers, as well as future buyers. Our acquisition ensures existing sales agreements will be honoured, and buyers will receive the quality they expect."
As a family business with over three decades of experience, Urban has grown into a multi-disciplinary organisation with the capacity to fund, design, develop, and build its own projects, and brings this unique set of experience and values to CCQ.
-ENDS-
About Urban Property Group
Urban Property Group ("Urban") is a progressive family-owned award-winning Sydney-based property developer, builder and investment company who has been designing and creating quality homes, communities, offices and retail since 1987.
As a testament to Urban's dedication to creating quality properties, the company proudly became the first developer in Australia to provide 10-year Latent Defects Insurance (LDI) for buyers. Urban has also achieved a NSW Government-endorsed iCIRT rating as both a developer and builder, offering an assurance of quality in both the design and delivery of its developments.
Urban Places is the Build To Rent arm of Urban Property Group. Urban Places creates and manages high-quality residential communities.
To learn more, please visit our website.
For media enquiries and interviews:
Madeleine Russell
Associate
GRACosway
M: 0447 712 675
.png)
.png)
.png)
