31 Jan CK Multi-Family in Newcastle
CK Group has secured a large existing DA approved residential/mixed use site in the growing suburb of Mayfield. The approval features 36 one and two bedroom apartments with two ground floor commercial suites. Whilst the fundamentals for a conventional residential development of the site are sound, CK Group have been able to negotiate an in line 25 year lease from a Tier 1 Australian Government backed Community Housing Provider (CHP) over all 36 apartments with an end value of around $20m AUD.
The Directors of CK Group are proud to be an early advocate and provider of Multi -Family Housing in Australia. The intention is for Newcastle to become a seed asset for a large open ended CK managed Multi Family Fund, featuring similarly long WALE assets baked by Tier 1 CHP providers across Australia.