Dexus Real Estate Partnership (DREP), an opportunistic strategy managed by Dexus, has formed a partnership with Australian property developer Thirdi to develop a A$300m (€169m) residential project in Sydney.

The joint venture will develop a 178-unit resort-style retirement village on a one-hectare site at the Merewether Golf Club in Newcastle.

Luke Berry, director and co-founder of Thirdi Group, said: “As a joint venture partner, DREP plays a critical role in providing capital funding to support the development, recognising the strength of our expertise in executing large-scale projects in the living sector.”

Development approval has been obtained, and enabling works are under way, with construction due to start later this year and completion expected by late 2027.

Dexus, Australia’s largest office landlord, branched into residential in 2021 with the DREP series of funds.

DREP2, a closed-ended opportunity fund, was launched in 2023. It raised A$300m in the first close and is currently raising capital for its second close due in the second half of this year.

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Leading Australian developer Third.i has announced a strategic joint venture with Dexus Real Estate Partnership 2 (DREP2) to deliver The Merewether Residences—a $300 million luxury retirement community located within Newcastle’s iconic Merewether Golf Club.

Under the partnership, DREP2 will provide capital funding support for the development, while Third.i will continue to lead all aspects of the project’s design, construction, and delivery.

The Merewether Residences will offer a vibrant, resort-style over-55s community, featuring 178 residences across a one-hectare site. Amenities will include a health and wellness centre, lap pool, cinema, and a new clubhouse, designed for use by both residents and golf club members.

Third.i Director and Co-founder Luke Berry said the joint venture reflects confidence in the developer’s proven ability to deliver large-scale projects.

DREP plays a critical role in providing capital funding to support the development, recognising the strength of our expertise in executing major projects in the living sector,” Mr Berry said.

Development approval has been secured, and early works are already underway, including the demolition of the site’s existing greenkeepers shed. Construction is scheduled to commence later this year, with the clubhouse expected to open in late 2026 and full project completion anticipated by late 2027.

The Merewether Residences were initially designed by Marchese Partners, with architectural oversight now transitioned to EJE Architecture. The design blends coastal charm with modern sophistication, reflecting Newcastle’s relaxed lifestyle.

The partnership announcement follows a key milestone for the project: the recent Section 4.55 approval allowing an additional level at the residences, strengthening the development’s offering.

Decode Group was appointed as the project’s builder in late 2024, further supporting Third.i’s commitment to delivering high-quality living environments.

The Merewether Residences join Third.i’s growing portfolio of major residential projects, including the completed WEST Apartments, Eaton on Union, and Stella on Hannell in Newcastle, and the upcoming Dairy Farmers Towers, currently under construction.

With a development pipeline exceeding $4 billion, Third.i continues to shape the future of urban and community living.

“We are excited to continue leading the way in creating vibrant residential communities,” Mr Berry said.

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The property developer has revealed that it will partner with the Australasian real assets group to deliver the $300 million, 178-unit luxury retirement community at the Merewether Golf Club in Newcastle.

Third.i have entered a joint venture with Dexus’s opportunistic Fund series, Dexus Real Estate Partnership (DREP), with the second fund in its series, DREP2, to support The Merewether Residences’ development.

“As a joint venture partner, DREP plays a critical role in providing capital funding to support the development, recognising the strength of our expertise in executing large-scale projects in the living sector,” said Luke Berry, Director and Co-Founder of Third.i Group.

Council approval has been obtained for the development, with construction due to start later this year and completion expected by late 2027.

Designed by architects Marchese Partners, The Merewether Residences has faced a bumpy road to development with Third.i forced to add another 36 apartments to the original design last year to keep the development commercially viable in the face of escalating construction costs.

In January this year, the developer announced a new building partner Decode Group for the project, which is now overseen by EJE Architecture.

The final site will feature 178 one-, two- and three-bedroom apartments overlooking the golf course, a health and wellness space, cinema and pool, and a new clubhouse (pictured top) for the Golf Club.

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Third.i, a leading Australian property development firm, is proud to announce a strategic partnership with Dexus’s opportunistic Fund series, Dexus Real Estate Partnership (DREP), for the development of The Merewether Residences located in Newcastle NSW. 

The second fund in the series, DREP2, has entered a joint venture with Third.i to deliver the $300 million, 178-unit resort style retirement village on a 1-hectare site at the Merewether Golf Club. The partnership will support Third.i’s vision and delivery of The Merewether Residences as a landmark over-55s community. 

Luke Berry, Director and Co Founder of Third.i Group said “As a joint venture partner, DREP plays a critical role in providing capital funding to support the development, recognising the strength of our expertise in executing large-scale projects in the living sector. 

Development approval has been obtained, and enabling works are underway with construction due to start later this year with completion expected by late-2027. 

Located at the iconic Merewether Golf Club, The Merewether Residences is a luxury over-55s retirement community that integrates resort-style amenities such as a health and wellness space, lap pool, cinema, and a new clubhouse for both residents and golf club members. Designed by renowned architects Marchese Partners and now overseen by EJE Architecture, the project blends coastal charm with contemporary elegance. 

“This partnership with DREP2 reflects Third.i’s reputation and experience as a developer, built on a track record of delivering outstanding projects. We are excited to continue leading the way in creating vibrant residential communities. 

“This news comes shortly after the recent Section 4.55 approval for an additional level at The Merewether Residences, marking a significant milestone and further solidifying the project’s trajectory towards success. Third.i will continue to lead all aspects of the project’s design, construction, and delivery, ensuring a smooth and efficient process,” said Mr Berry. 

Reflecting Third.i’s commitment to excellence, Decode Group was appointed to build The Merewether Residences in late 2024. Early site works have commenced on The Merewether Residences, with the demolition of the existing greenkeepers shed marking the start of construction. The new clubhouse is expected to open in late 2026, with completion of The Merewether Residences anticipated in late 2027. 

Third.i has a proven track record of delivering large-scale residential projects in Sydney and Newcastle, including the completed WEST Apartments, Eaton on Union and Stella on Hannell in Newcastle along with Hume Place the master planned Metro precinct in Crows Nest. Their landmark Newcastle project, Dairy Farmers Towers, in Newcastle West, is currently under construction.

This joint venture with DREP reinforces Third.i’s reputation as a leader in property development, setting new benchmarks in residential living. Looking ahead, Third.i will continue driving the project towards its next major milestones, demonstrating the power of strategic investment backing an experienced and visionary development team. With a development pipeline exceeding $4 billion, Third.i continues to shape the future of urban living. 

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Third.i Group has announced a strategic partnership with Dexus’s opportunistic Fund series, Dexus Real Estate Partnership (DREP), for the development of The Merewether Residences, a $300 million, 178-unit resort style retirement village located in Newcastle NSW. Dedicated for retirees, empty nesters, downsizers, and Sydney-siders seeking a sea and lifestyle change.

The second fund in the series, DREP2, has entered a joint venture with Third.i to deliver The Merewether Residences. The partnership will support Third.i’s vision and delivery of The Merewether Residences as a landmark over-55s community.

“As a joint venture partner, DREP plays a critical role in providing capital funding to support the development, recognising the strength of our expertise in executing large-scale projects in the living sector,” said Luke Berry, director and co founder of Third.i Group.

Development approval has been obtained, and enabling works are underway with construction due to start later this year with completion expected by late-2027.

Located at the iconic Merewether Golf Club, The Merewether Residences is a luxury over-55s retirement community that integrates resort-style amenities such as a health and wellness space, lap pool, cinema, and a new clubhouse for both residents and golf club members.

Designed by renowned architects Marchese Partners and now overseen by EJE Architecture, the project blends coastal charm with contemporary elegance.

“This partnership with DREP2 reflects Third.i’s reputation and experience as a developer, built on a track record of delivering outstanding projects. We are excited to continue leading the way in creating vibrant residential communities.

“This news comes shortly after the recent Section 4.55 approval for an additional level at The Merewether Residences, marking a significant milestone and further solidifying the project’s trajectory towards success. Third.i will continue to lead all aspects of the project’s design, construction, and delivery, ensuring a smooth and efficient process,” said Luke.

Reflecting Third.i’s commitment to excellence, Decode Group was appointed to build The Merewether Residences in late 2024. Early site works have commenced, with the demolition of the existing greenkeepers shed marking the start of construction. The new clubhouse is expected to open in late 2026, with completion anticipated in late 2027.
Third.i has a proven track record of delivering large-scale residential projects in Sydney and Newcastle, including the completed WEST Apartments, Eaton on Union and Stella on Hannell in Newcastle along with Hume Place the master planned Metro precinct in Crows Nest. Their landmark Newcastle project, Dairy Farmers Towers, in Newcastle West, is currently under construction.

This joint venture with DREP reinforces Third.i’s reputation as a leader in property development, setting new benchmarks in residential living.

Looking ahead, Third.i will continue driving the project towards its next major milestones, demonstrating the power of strategic investment backing an experienced and visionary development team. With a development pipeline exceeding $4 billion, Third.i continues to shape the future of urban living.

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The Merewether Residences, a luxury over-55s retirement living development at The Merewether Golf Club, has received approval for a Section 4.55 modification, allowing for an additional level while staying within the original height limits. This expansion reinforces the project’s appeal to retirees, downsizers, and Sydney residents seeking a coastal lifestyle.

A joint venture between ThirdAge and The Merewether Golf Club, the development will now feature 178 architecturally designed apartments across four six-storey buildings. The approved breakdown includes 12 one-bedroom, 121 two-bedroom, and 29 three-bedroom apartments, along with 16 penthouses—eight two-bedroom and eight three-bedroom options.

Construction will be led by Decode Group, known for its work on Third.i’s Dairy Farmers Towers in Newcastle. The development is designed by architect Eugene Marchese and overseen by EJE Architecture, incorporating materials that blend seamlessly with Newcastle’s coastal surroundings.
The project will enhance The Merewether Golf Club, providing new amenities such as a health and wellness space, a sports bar, and a new clubhouse for residents and club members.

Luke Berry, Director of ThirdAge, described the approval as a major milestone, reinforcing the project’s commitment to delivering high-quality, sustainable homes that foster community connections.
Site works have begun, with the demolition of the existing greenkeepers shed marking the start of construction. The new clubhouse is expected to open in 2027, with The Merewether Residences slated for completion in late 2027.

Designed to offer a premium lifestyle, the development will feature amenities such as a health club, spa, swimming pool, on-site cinema, communal kitchen, herb garden, and workshop spaces.
Third.i continues to expand its footprint in Sydney and Newcastle, with a development pipeline exceeding $4 billion.

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A major milestone has been achieved in Newcastle’s luxury retirement living sector, as The Merewether Residences secures approval for a Section 4.55 modification, allowing for the addition of an extra level while remaining within the originally approved height limits.

This development is set to redefine retirement living on Newcastle’s scenic coastline, offering a resort-style community for over-55s seeking the perfect blend of coastal charm and modern convenience.

An exclusive lifestyle destination

A joint venture between ThirdAge and The Merewether Golf Club, The Merewether Residences will now feature 178 thoughtfully designed apartments, including 16 exclusive penthouses, across four six-storey buildings. The updated apartment breakdown includes:

• 12 one-bedroom apartments
• 121 two-bedroom apartments
• 29 three-bedroom apartments
• 8 two-bedroom penthouses
• 8 three-bedroom penthouses

With a focus on seamless coastal living, the development has been designed by renowned architect Eugene Marchese and is now overseen by EJE Architecture. The residences will feature a sophisticated blend of textures and materials to complement the natural beauty of Newcastle’s coastal environment.

Industry leaders behind the project

Construction of The Merewether Residences is in the hands of Decode Group, a builder known for residential projects, including Third.i’s Dairy Farmers Towers in Newcastle. Decode Group’s expertise ensures that this project will be delivered to the highest standards, reinforcing Third.i’s strong track record in large-scale residential developments.

A boost for The Merewether Golf Club and community

Beyond premium retirement living, the project will also support investment in The Merewether Golf Club, enhancing its infrastructure and amenities. Residents and members will benefit from an array of state-of-the-art facilities, including:

• A brand-new clubhouse
• A health and wellness space
• A sports bar and communal gathering areas

Luke Berry, Director of ThirdAge, shared his enthusiasm for the project:

“Securing approval of our Section 4.55 for an additional level at The Merewether Residences is a milestone we’re incredibly proud of. This landmark development will set a new benchmark in retirement living, offering over-55s a resort-style community where they can embrace Newcastle’s best lifestyle, with the championship Merewether Golf Course right at their doorstep.”

He added:

“This approval not only expands the scope of this exceptional project but also reinforces our commitment to delivering thoughtfully designed homes that prioritise quality, sustainability, and connection. The Merewether Residences exemplify our vision of creating vibrant, community-focused environments that elevate retirement living and leave a lasting legacy for Newcastle’s coastal community.”

Construction underway, demand growing

Early site works have commenced, with the demolition of the existing greenkeepers shed marking the start of construction. The new clubhouse is scheduled to open in 2027, with apartment construction expected to follow later that year.

As anticipation builds, demand for The Merewether Residences remains strong. Berry attributes this to the project’s premium lifestyle offering, which goes beyond just housing to deliver a comprehensive community experience.

“With its unique design, expansive views, and premium finishes, this development offers more than just a home—it’s a lifestyle. Residents will have access to high-end amenities, including a health club with a gym and wellness programs, a luxurious spa, and a serene pool. Additional features such as an on-site cinema, communal kitchen for cooking classes, herb garden, workshop, and art and craft rooms will foster a vibrant, connected community.”

Shaping the future of urban living

With an expansive development pipeline exceeding $4 billion, Third.i continues to shape the future of residential living. Their portfolio includes completed Newcastle projects such as WEST Apartments, Eaton on Union, and Stella on Hannell, with their landmark Dairy Farmers Towers currently under construction.

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Property developer Third.i Group’s delayed project at Merewether Golf Club is one step closer to construction after securing approval for an additional level.

In May, Third.i applied to add 38 more apartments to its The Merewether Residences seniors living complex to make the project viable amid rising construction costs.

The over-55s retirement complex includes 178 one-, two- and three-bedroom luxury apartments across four six-storey buildings.

Adding an extra level remains within the height limits initially approved by the DA.

“The modification allows the project to proceed,” Third.i co-founder Luke Berry said.

“The council agreed that if we could keep the redesign within the bulk, scale, and height, they would support our modifications, allowing us to increase the number of apartments for sale to sell then and cover rising construction costs.

“It’s not that it is more profitable; the money we generate off these new apartments goes into the development and allows us to still deliver the same prices our clients bought off-the-plan, some two years ago.”

The approved breakdown of apartments includes 12 one-bedroom, 121 two-bedroom and 29 three-bedroom apartments.

It also has eight two-bedroom and eight three-bedroom penthouses.

“With our architectural partner EJE, we identified through the process that if we were to go to the height limit, we could push level five up and create a new sub-penthouse level,” he said.

“The penthouses have the same layouts; however, the buildings included rooftop gardens, which aren’t permissible with these new plans.

“The rooftop gardens were removed to make way for level six.”

Mr Berry, whose company is building the Dairy Farmers Towers residential development in Newcastle West, said around 70 apartments had sold.

He anticipates an increase in enquiry after the latest approval.

“We have a lot of support and we have noticed an enormous increase in registrations off the back of the builder [Decode Group] getting announced last year,” he said.

“We are still seeing a big chunk of interest from locals, but the net is getting wider with interest from Sydney, the Mid-North coast and regional areas, so a real diverse mix is coming through.

“Now that we have absolute clarity on the project, we expect an influx of interest between now and the middle of the year as the project starts construction and a clear settlement date takes shape.”

Early site works have commenced, with the demolition of the existing greenkeeper shed marking the start of construction.

The clubhouse will be demolished in March/April.

The new clubhouse is expected to open in early 2027, followed by the completion of The Merewether Residences in mid-2027.

“There will be minimal changes to the course to allow for these works to start, and those works will begin in the next few weeks,” he said.

“The temporary facilities will be built alongside the demolition of the club.

“There will be a display suite, a pro shop and facilities for members to continue playing golf during the construction period.”

The project supports investment in The Merewether Golf Club and the club’s infrastructure.

Merewether Golf Club members gave the green light for the 148 apartments to go ahead six years ago, and state planning authorities approved a development application in 2021.

Thirdage had hoped to start work on the project in 2022.

The development is designed by architect Eugene Marchese and overseen by EJE Architecture.

Resort-style amenities include a health and wellness space, a sports bar and the new clubhouse for Merewether Golf Club members and apartment residents.

“This landmark development will set a new benchmark in retirement living, offering over-55s a resort-style community where they can embrace Newcastle’s best lifestyle, with the championship Merewether Golf Course right at their doorstep,” Mr Berry said.

“Residents will have access to high-end amenities, including a health club with gym and wellness programs, a luxurious spa with massage and facial treatments, and a pool.

“Additional features include an on-site cinema, communal kitchen for cooking classes, herb garden, workshop, and art and craft rooms, all designed to foster a vibrant, connected community.”

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The Merewether Residences, an over-55s retirement living resort at The Merewether Golf Club is an exclusive new address on Newcastle’s scenic coastline for retirees, empty nesters, downsizers, and Sydneysiders seeking a sea change. ThirdAge Group has just secured approval for a Section 4.55 modification, allowing for the addition of an extra level while remaining within the height limits originally approved by the DA .

Following approval of the Section 4.55, the joint venture between ThirdAge and The Merewether Golf Club will now feature 178 thoughtfully designed one-, two-, and three-bedroom apartments, across four 6-storey buildings, including 16 exclusive penthouses.

The approved breakdown of apartments includes 12 one-bedroom, 121 two-bedroom, 29 three-bedroom apartments, and eight two-bedroom and eight three-bedroom penthouses. Decode Group has been announced as the builder for The Merewether Residences, bringing proven expertise from projects such as Third.i’s Dairy Farmers Towers in Newcastle.Their focus on high-quality residential developments underscores the commitment to excellence that defines this project.

Designed by renowned architect Eugene Marchese and now overseen by EJE Architecture, the development will feature a design that incorporates a palette of textures and materials, blending seamlessly with the coastal surroundings.

Drawing inspiration from Newcastle’s coastal charm and contemporary style, The Merewether Residences will deliver a stylish sanctuary where architectural elegance meets beachfront relaxation, offering a modern retreat for over-55s.

The project also supports investment in The Merewether Golf Club and the club’s infrastructure. The golf club and community members will benefit from a range of extensive amenities including a health and wellness space, a sports bar as well as a new clubhouse for its members and apartment residents.

“Securing approval of our Section 4.55 for an additional level at The Merewether Residences is a milestone we’re incredibly proud of. This landmark development will set a new benchmark in retirement living, offering over-55s a resort-style community where they can embrace Newcastle’s best lifestyle, with the championship Merewether Golf Course right at their doorstep,” said Luke Berry, director of ThirdAge. 

“This approval not only expands the scope of this exceptional project but also reinforces our commitment to delivering thoughtfully designed homes that prioritise quality, sustainability, and connection. 

“The Merewether Residences exemplify our vision of creating vibrant, community-focused environments that elevate retirement living and leave a lasting legacy for Newcastle’s coastal community.”

Early site works have commenced on The Merewether Residences, with the demolition of the existing greenkeepers shed marking the start of construction. The new clubhouse is expected to open in 2027, with construction of The Merewether Residences anticipated in late 2027.

“The strong demand for The Merewether Residences reflects the project’s appeal to both locals and those seeking a coastal lifestyle upgrade. With its unique design, expansive views, and premium finishes, this development offers more than just a home – it’s a lifestyle. 

“Residents will have access to high-end amenities, including a health club with gym and wellness programs, a luxurious spa with massage and facial treatments, and a serene pool. 

“Additional features include an on-site cinema, communal kitchen for cooking classes, herb garden, workshop, and art and craft rooms, all designed to foster a vibrant, connected community.”

ThirdAge is an exciting collaboration between Thirdi Group, an award-winning Property Development firm. Third.i has a proven track record of delivering large-scale residential projects in Sydney and Newcastle, including the completed WEST Apartments, Eaton on Union and Stella on Hannell in Newcastle. Their landmark Newcastle project, Dairy Farmers Towers, in Newcastle West, is currently under construction. With a development pipeline exceeding $4 billion, Third.i continues to shape the future of urban living.

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More than seven years in the planning, the projected retirement village integrates the residential development, The Merewether Residences, and the existing 18-hole golf course in the suburb, 3km from the city of Newcastle.

The site will have 178 three, two and one-bedroom apartments overlooking the golf course, extensive amenities including a health and wellness space, cinema and pool, and a new Merewether Golf Club clubhouse to create a resort-style community for the estimated 300 residents who will make it their home.

Luke Berry, one of Third.i’s founding partners, said that after delays in the development, which was first approved by state planning authorities in 2021, the company was excited to begin construction in the first quarter of this year.

“The project has gone through a few challenges to get to this stage but now we’re able to move ahead on creating something that will never be replicated in the region, it’s such a rare opportunity,” he said. “It’s a once-in-a-generation project and now we have a clear pathway to completion.

“The project has been through moments when people thought it was not going to happen and it was very stressful for the club, the community and for us. But we remained committed to the development to ensure we could find a path. So for it to become a reality is a big celebration for us. Not only is it going ahead but the builder we’ve engaged is one of Australia’s best.”

Decode Construction is also working with Third.i on its major two-tower Dairy Farmers residential development in the inner-city, harbourside suburb of Newcastle West.

Luke said since the builder was confirmed, expressions of interest has grown significantly to a value of $20 million.

“It’s a sign of the interest in the project and the strength of the project,” he said. “An amazing thing is people who maybe a year or two ago had lost confidence in the project are now coming back and resigning.

“That’s because of how special The Merewether is. It’s one of the only retirement resorts in all of the region that’s offering this level of amenity and residences this project has.”

The Merewether is a shared vision between ThirdAge Villages and the Golf Club. The project was designed by architect Eugene Marchese from Marchese Partners I Life3A, a leading expert in creating over-55s communities. The architectural oversight has since transitioned to award-winning Newcastle-based firm, EJE Architecture, which has taken the lead on the project.

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