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

BELLAMY'S FINDS EXPORTING BABY FORMULA INTO CHINA IS NO CHILD'S PLAY

BELLAMY'S (ASX: BAL) shares have suffered a 40 per cent drop in value today after the company hit a regulatory...

BRISBANE WATCH BRAND ADINA AIMS FOR ICONIC

ADINA watches is at a turning point in its history, 45 years after being founded by Robert 'Bob' Menzies i...

WHY YOU SHOULD CARE FOR YOUR BODY AS MUCH AS YOUR BUSINESS

ENTREPRENEURSHIP is a busy business. It can be all-consuming, but it is important not to neglect your health Y...

BULLETS BACK IN THE BUSINESS COMMUNITY

ALTHOUGH new to the current south-east Queensland sporting landscape, the Brisbane Bullets have a rich basketball ...

Related News

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

BIG W CEO QUITS AFTER 11 MONTHS

SALLY MacDonald has resigned as chief executive of BIG W ending her tenure at the helm of the struggling discount ...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter