Crown Group and Mitsubishi joint venture $500 million Mastery, Waterloo development

Crown Group has joined forces with Mitsubishi Estate Group for a new Sydney venture.

Mastery by Crown Group will be a $500 million development in Waterloo has been designed by renowned Japanese architect Kengo Kuma, Japanese-born Sydney-based architect Koichi Takada and Sydney’s Silvester Fuller.

Located at 48 O’Dea Avenue, the development will consist of five buildings with a total of 374 apartments, including studio, one, two and three-bedroom apartments and penthouses.

Facilities will include an infinity-edge rooftop pool, a gym, community room, and a retail precinct with a mix of restaurants, cafes and shops.

Construction is already underway, with an expected completion date of 2020 for four low-rise buildings and 2021 for the high-rise building.

Crown Group Chairman and Group CEO Iwan Sunito said the company was excited by the joint venture.

“It is such an honour and privilege to partner with Mitsubishi Estate Group, one of the world’s largest and most respected real estate investors and developers,” Sunito said.

“This is about collaboration and also learning from such an amazing organisation.”

MJR Senior Managing Executive Officer Yutaro Yotsuzuka said: “We are honoured that this reliable and award-winning developer Crown Group is working with us.

“We see great opportunities in Sydney’s property market and we have a strong belief in this global high-growth market.

“Together, we can realise Crown Group’s monumental vison of the revitalisation of this up-and-coming architectural precinct, Waterloo, in the heart of the Sydney.
 
“We envision a long-term and healthy business relationship with Crown Group and we both welcome creative ideas. The time is right for us to form this strategic partnership.”

Crown Group’s latest development Mastery, located in Waterloo, achieved $40 million in sales of the first allocation within hours earlier this month when locals snapped up the majority of the sales.

Building C with apartment interiors designed by Koichi Takada Architects sold the majority of its apartments that were released on sale.

Two of the most sought-after apartments, both dual keys, worth $1.9 and $2.01 million respectively, were sold at the sales launch.

In addition to residential apartments, Crown Group will create a "Japanese Eat Street."

Mastery by Crown Group’s Project Director of Sales Prisca Edwards said there was a mix of both investors and owner-occupiers from first home buyers and young professionals, to downsizing couples and young families, "with the latter now defining one quarter of Australia’s total apartment population."

Apartments in Mastery by Crown Group are available for sale priced from $632,000.

Construction is expected to be completed in 2021.

Crown Group’s CEO of Global Capital and Director of Sales, Prisca Edwards said: “The success of the Mastery by Crown Group sales launch on 17 November shows the strong demand for high-quality apartments in the right location.”