One of the last pieces of the over-station development puzzle has fallen into place at Sydney’s Crows Nest, with developer Third.i and real estate private equity group Phoenix Property Investors emerging as the buyers of two major sites.
The pair have won the contract for the air rights above Crows Nest Station and will undertake two towers, adding to the new buildings sparked by the city’s new metro lines.
They will develop a 21-storey office tower on the corner of Pacific Highway, Hume St and Oxley St, and a 17-storey residential complex on the corner of Pacific Highway and Hume St above the station.
The first site, referred to as Lot A, will house the commercial and retail development, and will have a focus on health and wellness. The second site,Lot B, will be the mixed-use site, with ground-floor retail with a residential complex, and will capitalise on Crows Nest’s emergence as a residential hub. The new buildings will take advantage of their access to the under-construction station and, when complete, will add to another planned tower. AW Edwards, the station contractor, is delivering a nine-storey office building on the corner of Hume Stand Clarke St.
The station is slated to open next year. Over-station towers are already planned at Victoria Cross, Barangaroo, Martin Place, Pitt St and Waterloo stations.
The Third.i venture acquired the site via private treaty with Sydney Metro and the NSW government. It was negotiated by Third.i head of acquisitions Florian Caillon and Sydney Metro’s commercial team.
“Third.i is extremely excited to commence a relationship with Sydney Metro and the NSW government and work with them to deliver what will be an outstanding, market-leading project for the Sydney region, ”firm co-founder and director of acquisitions Bob Huxley said.
“We have an established network of retail operators, and have already had a number of world class businesses express an interest in pre-committing to space at the Crows Nest over station development, which is just incredible. It really demonstrates the demand and need for this type of development in Sydney’s Lower North Shore.”
The project marks the fifth joint venture for Third.i and Phoenix Property Investors. Phoenix head of Australia Trent Winduss said the company had a strong track record of success with its projects with Third.i, especially on Sydney’s North Shore.
“This includes the selling out of the major residential project Balfour Place in Lindfield as well as the sale of the Blue & William commercial precinct in North Sydney to Lendlease that was acquired by Keppel REIT, ”he said.
The acquisition brings Third.i’s overall project pipeline to more than $4bn across Australia and Britain.
Balfour Place comprises a collection of one, two, three and four-bedroom apartments with sweeping views to the south-west, topped by a residents-only rooftop garden with communal facilities and a central podium courtyard with fresh greenery.
Following its full project sell-out amid commencing construction just last month, Third.i’s $180 million project, Balfour Place has taken home the win for two awards at this year’s PropertyGuru Asia Property Awards.
The Lindfield project was officially named the Best Low Rise Mixed Use Development of 2022 along with receiving the country award for Best Mixed Use Development (Australia) in the grand final.
The award-winning project sold over $100 million in sales in its launch weekend alone, shortly securing the final sales thereafter to achieve its sell-out status.
After conducting market research and listening to the needs of the community, Third.i reduced the number of apartments on its development application as there was high demand for spacious living arrangements.
As a result, apartment numbers were dropped from 70 to 59, with the residences set to sit atop a new 4,500 sqm Coles Supermarket, a cafe and a heritage building that will be restored and leased as a commercial office space and beauty offering.
Balfour Place comprises a collection of one, two, three and four-bedroom apartments with sweeping views to the south-west, topped by a residents-only rooftop garden with communal facilities and a central podium courtyard with fresh greenery.
Construction crews have now kick-started works to bring the award-winner to fruition, with Australian builder Conquest appointed to the build, with completion slated for November 2024.
Third.i. Co-Founder, Luke Berry said Balfour Place is a prime example of how the group is building communities that align with the needs of the market.
“The level of design and architecture has been carefully curated and I think it’s struck a chord with buyers who have recognised that we had larger living spaces on offer in an idyllic location with lifestyle amenities on your doorstep,” he said.
“It truly will be a legacy destination for the area and we couldn’t be more thrilled to commence construction,” concluded Berry.
Sable at the Jetty joins a growing list of developments in Third.i’s portfolio across Australia’s eastern seaboard, including Dairy Farmers Towers in Newcastle, Balfour Place in Lindfield, the Warada on Walker commercial precinct in the North Sydney CBD and the Merewether Residences in Newcastle.
Growth in regional cities has impacted Third.i’s first project in Coffs Harbour, with the group selling over 90 per cent of the residences within weeks on the market.
The $35.5 million project, Sable at the Jetty, was met with a swathe of buyers searching for a sea-change, with only a handful of apartments still available, priced from $650,000 through to $2.35 million.
Early works are expected to commence this year, with the project due for completion by the second quarter of 2024.
Located on the corner of Collingwood and Edgar Street, Sable at the Jetty will deliver a collection of one, two and three-bedroom apartments upon completion.
Combining high-end finishes with state-of-the-art appliances, the project will tap into the mid north coast’s beauty, with a number of lush communal spaces planned, including a landscaped courtyard for the use of all residents.
Sable at the Jetty is within walking distance from the beach, local schools, cafes and shops, and also offers numerous transport links on the doorstep of the site.
Sable at the Jetty joins a growing list of developments in Third.i’s portfolio across Australia’s eastern seaboard, including Dairy Farmers Towers in Newcastle, Balfour Place in Lindfield, the Warada on Walker commercial precinct in the North Sydney CBD and the Merewether Residences in Newcastle.
Co-Founder Luke Berry said drawing on the fact their debut project has been met with a swarm of interest, regional cities are seeing a steady increase in growth, with Third.i joining the drive behind the growth.
“We’re delivering a much-needed transformation to other cities including Newcastle, but we’ve now set our sights on Coffs Harbour after recognising the growth potential of the area and how we can invest in the market,” Berry said.
“While real estate activity has slowed across much of the country this year, it’s been great to see regional cities, including Coffs Harbour, defy this downturn and we’re excited to see what further opportunities may exist in the region.”
“The northern New South Wales coastline, particularly around the Coffs Coast, is an underrated gem and is the perfect escape for those who want a peaceful and more relaxed lifestyle.”
Australian builder Conquest has been appointed as the project builders, set to bring Balfour Place to life, adding to an impressive project portfolio of over 2,000 properties, including the Crowne Plaza Sydney Burwood, The Greens Strathfield, La Luna Burwood and Soho Burwood.
Construction on Lindfield’s latest destination by developers Third.i, in conjunction with joint venture partner Phoenix Property Investors, has officially kick-started works this week, following a full project sell-out as demand for larger living spaces continues to grow.
Demolition crews have moved in on the $180 million Balfour Place site, set to bring 59 apartments to Sydney’s Upper North Shore, which will be grounded by an urban oasis comprising over 7,091 sqm of retail and hospitality spaces.
The project has been met with a swarm of eager buyers looking to secure their slice of Lindfield, acquiring over $100 million in sales since its launch to market earlier this year. The project, which is set to be built on the existing Coles supermarket site, is estimated to fast-track the development timeline, with construction expected to be completed by November 2024.
Australian builder Conquest has been appointed as the project builders, set to bring Balfour Place to life, adding to an impressive project portfolio of over 2,000 properties, including the Crowne Plaza Sydney Burwood, The Greens Strathfield, La Luna Burwood and Soho Burwood.
Third.i. Co-Founder, Luke Berry said Balfour Place has struck a chord with the Lindfield community and surrounding areas, with the project accommodating the growing need for spacious living.
“Our project provides larger living spaces in an idyllic location with lifestyle amenities at your doorstep,” Berry said.
“We’re proud to announce a project sell-out and that we’ve fast-tracked construction to help meet market demands. Conquest, who are well renowned for delivering buildings of exceptional quality, have been bought on board to deliver Balfour Place.”
“It truly will be a legacy destination for the area and we couldn’t be more thrilled to commence construction,” concluded Berry.
The latest offering will comprise a collection of one, two, three and four-bedroom apartments with private courtyards and a shared rooftop garden space to be built on top of a brand new large format Coles supermarket.
The Coles grocery hub will be double the size of the existing store and will include a Liqourland and heritage commercial space fronting the Pacific Highway, overlooking the Blue Mountains. Over 237 car parking spaces will also be available spanning across two levels.
Work has begun paving the way for a two-tower development lauded as a gamechanger for NSW’s second-largest city.
Dairy Farmers Towers are set to rise in Newcastle’s West End with demolition works now under way and construction due to be completed in the last quarter of 2024.
The development by Thirdi will deliver 184 one, two and three-bedroom apartments across the two towers as well as a five-storey residents-only shared work hub with more than 1600sq m of commercial and retail space.
The towers will include eight specialist disability accommodation apartments.
Dairy Farmers Towers will also include cabana pool areas with a lap pool, a wine bar and cellar, a state-of-the-art gymnasium and a pilates studio, as well as multiple function rooms.
More than 70 per cent of the development has sold.
▲ Renders of Dairy Farmers Towers, which is due for completion towards the end of 2024.
“We’re thrilled to be able to begin construction during a time of challenges for the industry and want to ensure our buyers that Thirdi is pressing ahead with our construction schedule so they can be in their highly anticipated new homes as soon as possible,” Thirdi co-founder Luke Berry said.
“The West End is quickly becoming Newcastle’s beckoning lifestyle hub, complete with an eclectic mix of urban flair and character. Dairy Farmers Towers joins our stable of West End projects and has already become a legacy project for everyone to enjoy.”
The site was once home to Dairy Farmers, one of Australia’s largest dairy producers. Thirdi has reimagined the heritage-listed milk bottle and clock towers as part of the project through a pedestrianised, broader public art installation.
Thirdi is collaborating with CoPosit to allow purchasers to buy a property with just $10,000 in savings and the remainder of the deposit is paid in weekly instalments.
The project to bring Newcastle’s iconic Dairy Farmers Towers back to life has begun.
Demolition crews were onsite this week marking the start of what is expected to be a two-year project.
Once completed the Newcastle West address will be home to 184 one, two and three-bedroom apartments spanning two towers.
A separate five-storey residents’ only shared work hub will boast 1600sqm of commercial and retail space.
All of this on the site that was once home to Dairy Farmers – one of Australia’s largest dairy producers.
In keeping with its heritage, development firm Third.i has promised the heritage-listed, iconic glass milk bottle and clock towers will feature as part of a pedestrianised, broader public art installation.
Ahead of commencement of construction, following its DA approval from council earlier this year, developers saw more than 70% of the project sold.
“We’re thrilled to be able to begin construction during a time of challenges for the industry and want to ensure our buyers that Third.i is pressing ahead with our construction schedule so they can be in their highly-anticipated new homes as soon as possible,” said co-founder at Third.i Luke Berry.
“Our incredible Third.i team are smashing out our demolition works to get this underway and we can’t wait to announce our builder partnership to bring our vision to life in the coming months.
Dairy Farmers Towers is the fourth West End apartment project for the Sydney-based developer.
The Towers are set to include a range of exclusive amenities including co-working spaces, cabana pool areas with a lap pool, a wine bar and cellar, a state-of-the-art gymnasium and a pilates studio, as well as multiple function rooms.
“Residents will have some of the best views in town, as well as access to the harbour, great dining and entertainment options, and the transport interchange at their doorstep.
“We wanted Dairy Farmers Towers to be a West End icon, a landmark reborn to create a new chapter as a great place to live, work and play.”
Third.i currently has a large-scale residential development portfolio that exceeds $3 billion.
An official sod-turning of the Dairy Farmers Towers is set to take place in December, with construction expected to be completed in the fourth quarter of 2024.
Third.i has quickly secured 80 per cent of sales at its $35.5 million Sable at the Jetty project in Coffs Harbour.
The development approved project will deliver a collection of one, two and three-bedroom apartments starting from $650,000 and rising to $2.35 million.
Early works expected to commence this year, with completion slated for mid 2024.
Third.i Co-Founder Luke Berry said Third.i’s debut Coffs Harbour project is helping to fill a gap in the market for quality coastal homes and the demand isn’t showing signs of slowing down.
“Sable at the Jetty is our first project here at Coffs Harbour, so we’ve ensured it exceeds expectations and lives up to the legacy I know it will leave for the region. Encouragingly, sales results at our launch event last week show us we’ve done exactly that,” Berry said.
“It’s all about elevating our buyer’s lifestyle, with premium apartments and different layouts and configurations to suit each and every one of our potential buyers.
“The interest received prior to launch has shown demand for this type of product isn’t slowing anytime soon, and we can’t wait to kickstart construction and bring this project to life,” Berry added.
Designed by Third.i team Design Manager Luke Mahaffey, Sable at the Jetty draws inspiration from the surrounding coastal context, incorporating colours and textures reminiscent of the nearby ocean and sand, as well as the local flora and fauna.
Located on the corner of Collingwood and Edgar Streets, the site is within walking distance to the beach, along with a number of local schools, cafes and shops. Numerous transport links will also be on offer from the steps of Sable.
“The Jetty is an icon for the city and has come to symbolise the next major chapter of the city’s economic growth. Whether you’re looking for somewhere to raise a family, or downsizing to simplify your life, these apartments are sure to be a great investment,” Berry said.
“With the convenience of the city centre close by, yet outside of the hustle and bustle, Sable is perfectly located for convenience and peace of mind. A range of gyms, shops, cafes and restaurants, as well as transport options are all within walking distance.”
The latest offering from Third.i joins a growing list of developments across Australia’s eastern seaboard, including Dairy Farmers Towers and Merewether Residences in Newcastle, as well as Balfour Place in Lindfield.
Leading Australian developer Third.i has left a sizzling mark on the property market following the launch of its $35.5 million Sable at the Jetty project in Coffs Harbour, racking up a 80% sell- out in just three days.
The DA-approved project has been met with a swarm of hungry buyers eager to secure their slice of Coffs Harbour paradise, with only a handful of apartments remaining up for grabs.
Sable at the Jetty is set to bring forth a collection of prestigious residences to fruition, with a mixture of 1-bedroom, 2-bedroom and 3-bedroom apartments on offer. The project comprises luxurious high-end finishes, state-of-the-art appliances and an unrivalled lifestyle in one of the most idyllic locations along the mid north coast of New South Wales. The project will also feature communal spaces including a lush courtyard for all residents.
The remaining apartments are priced from $650,000 to $2.35 million.
Early works are expected to commence this year, with the project due to complete by the second quarter of 2024.
Third.i Co-Founder Luke Berry said Third.i’s debut Coffs Harbour project is helping to fill a gap in the market for quality coastal homes and the demand isn’t showing signs of slowing down.
“Sable at the Jetty is our first project here at Coffs Harbour, so we’ve ensured it exceeds expectations and lives up to the legacy I know it will leave for the region. Encouragingly, sales results at our launch event last week show us we’ve done exactly that,” said Mr Berry.
“It’s all about elevating our buyer’s lifestyle, with premium apartments and different layouts and configurations to suit each and every one of our potential buyers. The interest received prior to launch has shown demand for this type of product isn’t slowing anytime soon, and we can’t wait to kickstart construction and bring this project to life.”
“Our marketing and sales teams have worked incredibly hard in the lead up to this project launch and I couldn’t be prouder of their work to-date.”
Sable at the Jetty, Coffs Harbour NSW – Interior View
Designed by Third.i team design manager Luke Mahaffey, Sable at the Jetty draws inspiration from local surroundings and a modern coastal design to deliver a rare luxury lifestyle opportunity. The project reflects the colours and textures of the coastal water, sand and local flora and fauna. It has been designed to capture the natural environment, capturing views and breezes with plenty of natural ventilation and sunlight.
The project encompasses sweeping views of the local pristine beaches and clear blue seas, as as well as views into the rainforest. Located on the corner of Collingwood and Edgar Streets, Sable at the Jetty is within walking distance from the beach, local schools, cafes and shops. The project also offers numerous transport links at your doorstep.
“The Jetty is an icon for the city and has come to symbolise the next major chapter of the city’s economic growth. Whether you’re looking for somewhere to raise a family, or downsizing to simplify your life, these apartments are sure to be a great investment.
“With the convenience of the city centre close by, yet outside of the hustle and bustle, Sable is perfectly located for convenience and peace of mind. A range of gyms, shops, cafes and restaurants, as well as transport options are all within walking distance,” concluded Mr Berry.
The latest offering from Third.i joins a growing list of first-class developments across Australia’s eastern seaboard, including Dairy Farmers Towers in Newcastle, Balfour Place in Lindfield, the highly anticipated Warada on Walker commercial precinct in the North Sydney CBD and the Merewether Residences in Newcastle, set to redefine retirement living.
iNSiTU Housing works with leading Australian developer Third.i to provide innovative Specialist Disability Accommodation (SDA) in key urban locations that provides access to care, facilities and lifestyle.
Finding such suitable SDA housing can be a challenge.
Wendy Bannister, a Newcastle NDIS participant, secured her apartment with iNSiTU Housing at Stella on Hannell, in the heart of Newcastle’s thriving West End, following lengthy delays accessing SDA funding.
Wheelchair bound after a series of medical crises Ms Bannister was forced to live in Supported Independent Living (SIL) accommodation for two and a half years awaiting SDA funding.
The SIL accommodation lacked adequate access to care and amenities and Ms Bannister suffered a mental breakdown as a result.
She was severely depressed when she approached iNSiTU Housing for assistance but thankfully with the help of iNSiTu, her situation quickly improved.
“I was approved immediately with iNSiTU Housing,” Ms Bannister said.
“I was shown floor plans and given a choice of which SDA apartment I’d like to secure, which is something I have never had the opportunity to do before.
“I was treated equally and it was incredible.
“iNSiTU Housing was always contactable and expressed concerns about my NDIS battle, they worked extremely hard to help me secure a home of my own that suits my needs.
“I now have independence, can spend quality time with my family again and finally have access to necessities, lifestyle amenities and transport options.
“Thanks to iNSiTU Housing and Third.i, I have my apartment and it has completely changed my life.
“I don’t know what I would have done if I hadn’t approached Third.i and iNSiTU.”
The sold out Stella on Hannell comprises a collection of one, two and three-bedroom apartments with open floor plans, a rooftop garden and spacious views to the Newcastle Harbour and city, which can never be built out.
The project joins Eaton on Union, another completed Third.i development in Newcastle which features SDA accommodation. Third.i also has plans for SDA accommodation in its Dairy Farmers development, currently under way.
Caitlyn Morrissey is another who believes iNSiTU is a game-changer.
“Before iNSiTU I was living and renting with my family on our farm in rural New South Wales so I couldn’t access care facilities and lifestyle amenities. I wasn’t able to live my life properly,” Ms Morrissey said.
“From when I approached iNSiTU to where I am now, I couldn’t fault the amazing team at iNSiTU for all their hard work.
“The process for SDA funding can be a time consuming process and the iNSiTU team has made the process absolutely worth it.
“They kept me up to date, were calm and assuring and helped ease my transition from rural living to urban care. I’ve been in Newcastle in my apartment now for around ten months and I couldn’t be happier.
“The level of offering for an accessible home is just outstanding and a testament to the hard work iNSiTU does with Third.i.
“I now live right near the train station so I am finally able to access everything I need easily. I have more access to a greater lifestyle and access to more activities.”
With a focus on producing more innovative housing solutions, iNSiTU Housing is changing the future of disability housing, bringing forth a new level of inclusivity by providing more SDA residences for participants.
London was calling to a faraway town—repeatedly and for quite some time.
On the other end of the line in Sydney were three mates, who out of collective boredom had left their jobs and got their entrepreneurial dopamine pumping by starting a property development company called Thirdi.
About 17,000km away as the crow flies, another mate nicknamed Boof was playing professional rugby in the UK.
Off the field, however, he was dialed into the trio’s ambitious enterprise.
As Thirdi’s Luke Berry tells it, the first long distance call from Boof—otherwise known as former Australian international front-rower Gareth Hardy—came not long after he had joined English Premiership side Leeds Carnegie.
“Boof had been chipping away at us for years and he goes ‘You guys, there’s opportunities in London—come and check it out’.
“And we were like ‘Mate, are you dreaming? We’ve got enough on our plate in Australia’.”
But the calls kept coming and then, some time later, fate intervened. A wedding invitation from a mutual friend of Berry and his Thirdi co- founders Ron Dadd and Robert Huxley landed them all in London at the same time.
“We met Boof and we did the maths … and we said to him ‘Ok, we like the sound of this—if you go and find a site that is 100 per cent pre-sold, has got a senior finance offer and a head contractor lined up we’ll put the equity in’.
“That’s like winning the lotto in our game and we didn’t think he’d do it.
“But to his credit he hustled … and we ended up getting our first project in London. That’s what really started our business over there.”
Five years later, Thirdi has a rapidly growing $500-million portfolio of projects in the UK where the company’s international expansion is being overseen by Dadd, who has moved to London, and Hardy (aka Boof), now its locally-based director of development.
So far, it has two projects under its belt. Finishing touches are being put to its debut UK development comprising 100 apartments at Battersea and work is under way on Graphite Square, its mixed-use project in South London’s Vauxhall with 160 apartments and 7500sq m of collaborative work space.
“We’re now looking at our third and fourth deals,” says Berry.
The company is shortlisted for two major projects that he says—if it gets one or both —“will be massive for our business over there”.
“One of them is a premium boutique offering that’s in one of the most sought-after locations of London with outstanding views of the Thames, the CBD and all the icons of London. It’s a really high-end product.
“The other one that we’re very close on is a larger affordable project that’s around 300 apartments.”
Five year plan
According to Berry, Thirdi’s overall pipeline—including 16 developments in Australia—totals “just over $3 billion” and in the UK it has ambitious growth plans to replicate the size of its Australian business in terms of end value of projects within five years.
“That’s our target … what took us 15 years to do here we want to do in five years in London.”
It is certainly an expansion road less travelled by most Australian developers, and especially one that has rarely played outside its home state of New South Wales let alone the country’s international border.
But perhaps the writing was on the wall from the beginning.
Back in 2006, Thirdi—then a fledgling start-up operating out of Dadd’s lounge room—embarked on its first development, an apartment and townhouse project called The Palms at Whyalla in South Australia’s Iron Triangle.
And guess who was wanting a piece of the action and bought one of the townhouses off-the-plan? None other than their mate Boof, who had just left the Waratahs to play for Western Force and in the not-too-distant future London would be calling him.
“Sydney developers usually go to the Gold Coast and do their arse, right? We’ve gone to London,” says Berry.
“The way we look at it, we could have expanded into another state like everyone else but there wasn’t the same upside of going to an international market like the UK.”
Crunching the numbers the return on equity was just too compelling.
“Property development in Australia is hard,” Berry says. “You’ve got a lot of rules around funding and sales and you’ve only got four big banks and a lot of second-tier lenders are coming in.
“But over in London you’ve got 70 banks and they don’t apply the same restrictions to foreign investment as Australia does. And the government actually supports private development by buying properties off-the-plan as housing for essential workers.”
About 30 to 35 per cent of the apartments in Thirdi’s UK developments have been purchased by one of Britain’s biggest social housing providers for public sector employees, Paragon Asra.
“They’ve got a big problem in London, like Sydney, where the cost of housing is outrageous and the nurses, the teachers, the bus drivers, the people that run the city can’t afford to live in it,” Berry says.
“The government’s solution, and we think Australia really needs to consider this, is that they co-invest in a percentage of the developments …and they actually pay for the apartments at land settlement, then at milestones during the delivery and the banks treat their payments as equity.
“So, it ends up that your returns on equity are amplified by almost 300 per cent or at least 100 per cent, depending on the deal.”
The other major upside to its London development play, says Berry, is “all of a sudden we’ve got a spot at the big boys’ table when it comes to global investment deals”.
“Before we were in the UK it was very difficult to get people’s attention.
“Now we’re talking to these capital partners that are looking at putting hundreds of millions of dollars into projects with us, both here in Australia and in the UK. And that’s why the UK was so strategic for us.”
Integral to Thirdi’s success has been the Australian development mindset of pre-sales it has brought to the UK market, where there is traditionally more sales focus and risk at the tail end of a project.
Earlier this year, Graphite Square was named the fastest-selling development in central London’s sought-after zone one neighbourhoods, notching $64 million in sales to local and international buyers.
“All the establishment over there were like ‘Who the hell are these guys?’” says Berry, who drives Thirdi’s sales and marketing.
“We sell out developments and get debt covered … and so, our projects are actually more de-risked than a traditional UK development.
“I think as Australian developers we punch above our weight because we’re conditioned to get so many pre-sales and we have the best marketing—the materials we produce, the way we digitally represent projects and the experiences we give buyers, in my opinion, is the best in the world.
“You combine those elements and take that to London, with a lot of hard work and a fair bit of good luck we can be very successful in that market.”
The tyranny of distance
Nonetheless, he says, it is a tough market with challenges, most notably the tyranny of distance—“working in a timezone that’s completely off and upside down”.
“Once you get established in the UK, however, the rewards are there,” Berry says.
“Right now, though, there’s a lot of uncertainty econmically and with wider world politics making it a challenging time to enter the market.
“But eventually there’s going to be some real opportunities and, because we got in five years ago, we’ve got a strong base and bit of momentum … so, we’re just trying to be in the best position possible to grab them when they pop up.”
Closer to home, Thirdi is on a journey of diversification to further strengthen its Australian business.
By covering all the development bases—residential, commercial, specialist disability accommodation and, more recently, retirement living as well as land subdivision and communities—its strategy is “when the cycle comes and goes for each of them we can ride it”.
With its joint-venture partner Toohey Miller, it is progressing its North Sydney $650-million, 22-storey commercial tower, Warada on Walker, and an $85-million Potts Point boutique apartment development.
Continuing its charge into the regions, it is also moving forward with its 184-apartment Dairy Farmers Towers urban renewal development in its familiar Newcastle stomping ground and also has recently been given the green light for a $35-million residential project at Coffs Harbour.
Under its ThirdAge banner, it is partnering with Newcastle’s Merewether Golf Club to develop its first retirement living project, the $120-million Merewether Residences.
“Mum and Dad are moving in there so I tell you what, there’s a bit of pressure to get that one right,” Berry muses.
But in a major strategic move, the company is also now making a push into residential land development with its newly-established Thirdi Communities division.
“It’s all still in the early stages and subject to planning but across two developments we’ve set ourselves a target to create 5000 houses, villas and duplexes by 2025.
“But we believe that there is a major housing issue coming. The data is showing there’s a chronic undersuuply of good housing lots and so that’s why we’re pivoting into land.
“Also, a lot of land subdivisions have been just boxes jammed in on top of each other with no greenery, no pathways, no nature.
“So, we’re going to take a very similar view to lifestyle and amenity that we offer in apartments, and offer that into our land communities.
“Almost 50 per cent of our estates will be dedicated to green open space and they’ll be the kind of places where people are going to want to live.
“They’re not going to want to be in an estate where it’s just all, you know, brick veneer and aluminium roofs. So, we’re going to actually design beautiful parks, pathways and community facilities that we think the next generation are going to want when it comes to house and land.”
And, no doubt, while they are keeping the Australian dream alive London also will keep calling.
