Construction commences at Australia’s premier luxury residential apartment development

The development has also secured a project funding package from two major Australian banks.AMP Capital Investors Head of Opportunity Funds Dale Phillips said the project has progressed well since its marketing launch late last year with strong support from buyers despite the tough economic conditions.

“We are really pleased to have the financial support of two major banks and the involvement of Cbus Property. To the best of our knowledge, the project finance package is one of the largest facilities provided in 2009 for a residential project,” Mr Phillips said.

“The Residence is a unique development for Sydney. It will transform the Hyde Park precinct and set new standards for luxury living. A key attraction is that views cannot be built out because the site is surrounded by Hyde Park and historic areas where the built-form is strictly controlled.

“We are well advanced on the sale of apartments, reflecting the rare nature of the development. In particular, The Residence is attracting owner-occupier buyers who are looking at prestigious apartment living.”
Managing Director of the Galileo Group Mr Neil Werrett said he was excited to be a partner with AMPCapital Investors and Cbus Property in the project.

“The Residence Hyde Park is a design-winning residential development that takes advantage of the generous proportions of the existing structure and surrounding view. When completed, TheResidence will be a new Sydney residential landmark,” Mr Werrett said.

Adrian Pozzo, CEO of Cbus Property said: “We are delighted to be involved in another prestigious development in Sydney, complementing our recent part acquisition of 1 Bligh Street, whilst providing additional jobs over the next two years for construction workers, many of whom will be members of the Cbus Superannuation Fund.”Located at 18 College Street, next to Sydney Grammar School, the development will see the former police headquarters converted into 87 luxury apartments.

On completion, The Residence will feature a concierge service and a range of facilities including a gym, 20 metre lap pool and temperature controlled wine room. A number of penthouses are available, some of which include outdoor pools and extensive landscaped areas.The Residence offers two and three bedroom apartments, all with generous balcony areas. At a minimum, all apartments have views of the city sky line and Hyde Park, with the majority having expansive views in most directions.

The Residence is scheduled for completion in late 2011 and is being built by Hutchinson Builders.