FOX TEAMS WITH COSTA TO TACKLE SYDNEY'S TOP END

Written on the 18 March 2016 by Karen Rickert

FOX TEAMS WITH COSTA TO TACKLE SYDNEY'S TOP END

FORMER Little Projects managing director Michael Fox (pictured) has teamed up with one of the Costa brothers to pursue a new property venture.

Fox and Costa Asset Management (CAM) head Robert Costa launched development firm CostaFox in Melbourne last month, after meeting through mutual friends.

CAM is the investment division of agribusiness Costa Group, co-owned with brothers Frank and Anthony, which was floated on the ASX last July.

Fox delivered 2000 apartments over six years at Little Projects, which he founded with former Toll Holdings boss Paul Little before resigning last year.

"We had a great time and created some pretty special properties and projects," Fox says.

"At the end of the day, it was time for me to move on and find somebody fresh to work with and came across Robert. To date, it's been outstanding."

CostaFox has hit the ground running after acquiring a number of development opportunities, including a trophy waterfront site at Manly in Sydney.

The firm picked up the property on Bower Street for $13.1 million at a liquidator's auction, down from its previous sale price of $16.3 million last year.

With experience delivering high-end projects in Melbourne, Fox says it was the perfect opportunity to tackle a new market.

"Following success in the luxury residential market in Melbourne, we have identified an opportunity to create something special in Sydney," he says.

"The site had two failed developers before us, so the owners are looking for someone who has the experience and is capable of delivering.

"It's our first foray into Sydney, but if the enquiries are anything to go by it should be a very successful project."

The 1189sqm site has plans and permits for a four-level luxury residential building comprising six apartments, which are expected to fetch up to $8 million each.

Award-winning architect Koichi Takada has been enlisted to design the development.

Fox says the project will appeal to wealthy empty-nesters looking to downsize their multimillion-dollar homes, with the 'cookie cutter' market of traditional one and two-bedroom apartments failing to satisfy buyers.

"We are actively seeking development opportunities in all markets with a focus on luxury residential and industrial," he says.

CostaFox is also in the planning phase for a mixed-use residential site in Port Melbourne featuring 70 units.

 


Author: Karen Rickert Connect via: Twitter LinkedIn

Latest News

WHY A JUNIOR MINER DECIDED TO JOIN THE RANKS OF THE HOT POT STOCKS

USUALLY, when a relatively unknown explorer experiences a sharp spike in its share price, it means they've fou...

1700 BRISBANE APARTMENTS NOW MANAGED BY FORTUNE 500 COMPANY JLL

MULTINATIONAL and Fortune 500 company JLL (NYSE: JLL) has expanded its Australian dominance in the property managemen...

HARVEY NORMAN HITS OUT AT 'FALSE NEWS' OF ASIC INVESTIGATION

RETAIL giant Harvey Norman (ASX: HVN) has vehemently rejected reports its accounts are under investigation by ASIC, s...

RARE GOOD NEWS FOR SLATER AND GORDON AS ASIC CLOSES INVESTIGATION

ASIC has cleared Slater and Gordon of deliberately falsifying its accounts after a three-month investigation.

It s...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter