Home building industry veteran Garry Brown-Neaves has emerged as a major investor in M/Group’s Beeliar subdivision, pre-sales of which were launched last month.
Mr Brown-Neaves and his family have taken a 60 per cent stake in Atop, attracted by the location and character of the subdivision as well as it being an infill site.
Mr Brown-Neaves established his family office Brown-Neaves Investments (BNI) in 2016 when he sold his interests in ABN Group, the second biggest homebuilder in Western Australia.
A Business News 40under40 winner in 2007, Lloyd Clark founded M/Group, formerly known as Match, in 2001 as a boutique apartment developer, before branching out to comprise real estate services, construction, maintenance works, and land development.
John Wroth, a former executive at ASX-listed property developer Port Bouvard, joined M/Group in 2015, and heads the group’s land development arm, Monument.
Atop is M/Group’s second subdivision, following a 67-lot estate in Secret Harbour, which was released late last year.
Mr Clark said the investment by Mr Brown-Neaves was testament to the quality of the Beeliar site.
“While we had already identified Atop Beeliar as a quality opportunity for development, BNI’s investment really highlights what a special project we have on offer,” he said.
“We welcome Garry’s experience, knowledge and input into the project.”
Atop is located along the Western Trade Coast, a land corridor forecast to generate more than 11,000 jobs through a $2.3 billion government injection into road and rail projects, including Metronet.
A local structure plan approval has been granted for 171 residential lots across the 11.8-hectare land parcel, with the release of lots expected in four stages over the next two to three years.
The estate will also include integrated parkland and the preservation of a number of established tuart trees.
Blocks at Beeliar range in size from 217 square metres to 630sqm with prices expected to start at $245,000.
Mr Brown-Neaves said he was attracted to invest in the Beeliar site because of its location and character, the available views, and because it was an infill site with nearby access to Fremantle and Cockburn.
“All my (Perth) assets are spread across the metropolitan area, and a lot in the greenfields,” Mr Brown-Neaves said.
“When this opportunity was presented to me I thought it could be considered an infill development and we were keen to get on board.
“It’s in a location we don’t have any assets, it is an infill site and it has unbelievable views.
“It’s a beautiful bit of land and we considered it a good investment and a project we wanted our name attached to.
“It is a good project in so far that it has a varied product to meet a range of customers. Some of the smaller lots will give people with smaller budgets the opportunity to live in this area.
“It is important to us to do quality investments and continue along the same lines as I had in the building industry.”
Mr Brown-Neaves’ family investment company has an interest in more than 4,000 lots, mostly in Western Australia, but with some exposure in Brisbane, Cairns and Melbourne.
“We like to have between a 15 per cent and so per cent share,” Mr Brown-Neaves said.
“John Wroth brought the deal to us. We go into business with people we believe are trustworthy, and we certainly believe in John and Lloyd.”
Bulk earthworks have been completed at the site, retaining walls are under currently construction and pre-sales have commenced.
Despite Mr Brown-Neaves’ experience in residential building, he said the developers were open to using any and all builders at Beeliar, with a focus on good design and good value.
Mr Wroth said despite current weakness in the metropolitan property market he was confident the Atop development would be well received.
“Atop is being developed as an infill site, which means it is prime land that has simply never been available to the public,” he said.
“The lots are being released as buyer confidence returns to the land market and demand is beginning to soak up existing land titles.
“In this climate, we are likely to see developers push the urban boundaries further from the city to meet demand, which is in contrast to Atop’s offer of premium land in an established and sought after location, with jobs and infrastructure already in place.”
– Peter Kermode, Business News (5th November 2018)
Quest Apartment Hotel – Joondalup – Crane InstallationRead more
M/Construction’s latest construction job of the new Quest Apartment Hotel in Joondalup on Boas Avenue has commenced. See the installation of the crane here.
Nature Gets Atop at New Beeliar Land SiteRead more
Majestic tuart trees retained at the highest point of the estate with views out to the Indian Ocean, nature play areas for ‘discovery play’, features and furniture made from recycled logs and natural stone materials, meandering walking trails and nesting hollows set aside for the area’s wildlife.
These are just some of the characteristics designed to create distinction in the newly released “Atop” land estate, located along the crest of one of Perth’s highest coastal ridges in the established inner-suburb of Beeliar.
Atop is walking distance to Beeliar Village with supermarkets, specialty services, restaurants and cafés, close to local primary and high schools, just 15 minutes to Fremantle and 25 minutes to the Perth CBD.
Mr John Wroth, director of M/Group’s newly introduced land development brand, Monument, said Atop deliberately challenges the way people perceive a new land estate by moving away from the conventional development model and enhancing the site’s existing character.
“Atop is loaded with natural qualities and character – which provides the opportunity to set a high development standard and signature point of difference to other estates,” he said.
“Instead, we have carefully designed this estate to pay homage to its unique location and natural topography. The views from and within this site are unquestionably a drawcard, but visitors to the land will also sense a warmth and personality surrounded by majestic Tuart trees. Again, you can’t often say that about a land estate and this atmosphere and the ethos behind the development is really something we believe people will want to live amongst.”
Atop will incorporate 171 homesites across 11.8 hectares. Lots vary in size from 217sq.m to 630sq.m, with a mix of ocean and parkland views across a site with striking undulation and lot levels.
Built within an historical limestone quarry, the development celebrates the site’s history with an array of natural limestone features and recycled rock captured within the retaining walls.
“We have worked closely with our project team to expose the beauty of the recycled materials within Atop’s walling and landscaping design.”
“We receive constant feedback from people who like the idea of building a new home but feel the land options so close to Perth available to them have little point of difference. Atop is nothing short of authentic in this space and such a spectacular location will not be repeated,” Mr Wroth continued.
“The Monument philosophy moves away from the ‘cookie-cutter’ environment and respects the surroundings and enhances the estates natural qualities. Atop is no different. We believe there is a market for this level of detail and sophistication, and we are extremely excited to be releasing this standard of estate while at the same time building a new community within Perth’s urban infill environment.”
Atop Stage 1 land prices range between $219,000 and $345,000. Buyer interest is already strong for Stage 1 , which comprises of 37 lots located on McLaren Avenue.
For more information visit www.atopbeeliar.com.au.
M/28 by Match – Construction Update – September 2018Read more
Further to our previous video update, M/Construction can be seen craning into position the roof sheets, insulation and other roofing components. You can also see the installation of the roof sheets and Structural Roof Steel as well as plasterboard being loaded out to the site. For more information about M/28 by Match visit www.m28apartments.com.au.
Form Apartments by Match | Construction Completed August 2018Read more
Construction completion has been achieved at Form by Match located in prestigious Port Coogee Marina Estate. The interesting block formations designed to maximise natural light, views and orientation benefits give this apartment development a presence like no other in the area.
A New Coastal Community Takes Form at Port CoogeeRead more
With 50% of apartments sold prior to completion, boutique property company Match has opened its doors to Form by Match at Port Coogee with a top floor Display Apartment designed to help residents experience their potential new space.
Form by Match is a 50-apartment marina-side complex that has been mooted by some as one of the area’s most anticipated boutique apartment designs. It is the incarnation of one of Western Australia’s most reputed Architects, Geoff Warn of Donaldson & Warn, who worked in collaboration with Match to push the boundaries of apartment living in Perth.
Located just 50metres from Port Coogee Marina and adjacent to parkland, the property greets you with a striking façade that draws you inside, where you will find every apartment designed to make the most of the surrounds, including the majority being north facing with sweeping ocean views.
Match Director, Mr Dean Burrowes, said the property is a design statement and impressive on every level and he is thrilled that the project is now complete for people to experience the difference.
“We wanted to make a statement with Form by Match and move as far away as possible from the traditional apartment block,” he said.
“We encouraged Geoff Warn to look outside the square and create an environment that pushes the boundaries of balancing space, light and features. The result is outstanding and really needs to be explored to be fully appreciated.”
While the building exterior is bold, inside restraint is shown with clean, white and timeless interiors. It has been a conscious design decision to create a blank canvas for buyers to individualise with furniture and artwork.
“The building is based on a block formation that uses different materials to give the total development a definite sense of scale. The building’s exterior aims to speaks directly to an increasing demand for signature residences, as opposed to ‘cookie-cutter’ environments,” Mr Burrowes continued.
“Most apartments within the complex are north facing and many offer amazing ocean views. Features such as high ceilings and floor to ceiling glazing are incorporated to maximise the outlook and benefits of orientation. This also includes sheltered balconies with shade screens to make the most of the sea breeze in summer as well as create a sunroom sanctuary in winter.”
The property opens to an emerging community within the Port Coogee Marina Estate, with amenities such as a new Woolworths and Dome café at the doorstep, and Fremantle less than 10 minutes away.
For more information visit www.formbymatch.com.au or call 0432 660 066
M/Group has confirmed the acquisition of an elevated 11.8-hectare residential development site in the Perth suburb of Beeliar. The acquisition is a result a successful capital raising venture of $13.85m; adding to a long list of investment funds issued by the company that have oversubscribed within weeks and taking the Group’s total capital raise to over $70million in just 12-months.
The Beeliar site is the vertical property Group’s second land estate project, having only entered into the land development sector in late 2017. The site has received Local Structure Plan approval for the development of 171 residential lots with integrated parkland and the preservation of a number of established Tuart Trees throughout the site.
M/Group Managing Director, Mr Lloyd Clark, said the Beeliar land acquisition is a significant leap in terms of value proposition from the company’s initial land venture in Secret Harbour, but is well-aligned to the organisation’s strategic interests.
“M/Group continues to generate investment interest for the development and delivery of investment fund opportunities that often result in oversubscription. Our portfolio today covers a broad range of built form, income producing asset and now land development, and we have found this approach of providing investment diversity to be highly effective in changing market conditions,” he said.
“A hallmark of M/Group’s ongoing success across all products is the identification and acquisition of strategically located sites. By all accounts, Beeliar is certainly one of these.”
The projected financial return for private equity investors is 70% over a forecast 36-month investment period, with distributions to be paid on the basis of a 27% Internal Rate of Return.
“Our increasing interest in residential land product complements a portfolio that now incorporates apartment developments, shopping centres and commercial development,” Mr Clarks continued.
“We are extremely privileged to have a growing staple of investors that share our long-term vision and support each project and what we can deliver.
“Perhaps the key reason we experience such rapid success with our fund releases is our approach. M/Group is not merely about acquiring and selling, we have the capacity and the internal expertise to build value into each investment and will continue to source and secure product that meet our strict criteria.”
From its beginnings as an apartment development company operating in inner city Perth some 16 years ago, M/Group today incorporates an integrated range of inhouse services that include M/Construction, M/Finance and M/Property real estate expertise.
M/Group holds an Australian Financial Services License and currently has $172 million of funds under management.
For more information on M/Group’s property portfolio visit www.mgroup.com.au.