Qualitas, an Australian alternative real estate investment manager, and First Quadrant Properties have entered a joint venture for the development of an infill site in the Sydney lower North Shore suburb of Willoughby, to be known as Willoughby Grounds.
The investment has been made by the Qualitas Real Estate Opportunity Fund 2 (QREOF2), one of Australia’s largest discretionary opportunistic real estate funds that now has made investments with a combined end value of more than A$2 billion ($1.4 billion).
The 11,000-square-meter (118,400-square-foot) site, on the corner of Willoughby Road and Walter Street in Willoughby, will accommodate 164 residential units across five low-rise buildings. The property has received planning approval, and construction is anticipated to commence by mid-2022.
The site benefits from being in a well-established and -serviced neighborhood, with access to the existing retail convenience, schools, transport and recreational facilities
