PERIFA and Abadeen to create Putney waterfront precinct, Pier 20

Newly launched Sydney-based development company PERIFA is teaming up with established developer Abadeen to create a 15,870 sqm waterfront precinct in Putney.

The 20 Waterview Street project, dubbed Pier 20, is set to see the Halvorsen’s boatshed refurbished to create a waterfront dining and commercial precinct, two three-level apartment buildings constructed, 18 three-level townhouses, and a 36-berth marina.

Within close proximity to Putney Village, Pier 20 offers immediate access to major retail amenities and on-foot access to ferry stops, trainlines and local parks.

The partnership between PERIFA, part of established parent company Versatile Group, and Abadeen, whose portfolio has predominantly been focused on high-end residential projects across the north shore, is being backed by equity partners Mitsubishi Estate Asia Pte. Ltd and Phoenix Property Investors.

Fabrizio Perilli, Co-Founder of PERIFA and Managing Director of Versatile Group, said Pier 20 offers an extraordinary opportunity to restore and adaptively reuse the heritage-listed buildings, ensuring the site’s past is celebrated and reinvigorated as a buzzing location for the community to enjoy.

“Our partnership with Abadeen supported by Mitsubishi Estate Asia and Phoenix Property Investors will allow us to transform this unique site into a premium mixed-use development, with retail, dining and residential on Sydney’s harbour front,” Perilli said.

“Having significant experience in the adaptive reuse of heritage buildings, we are excited to be part of this important restoration for Putney.”

Joe Tack, Abadeen's Chief Operating Officer, said the acquisition represents a rare opportunity to regenerate a significant infill site with 300m of water frontage.

“We are confident that the mix of townhouses and apartments, together with a curated food and beverage and a new marina will be a unique offering when the project is brought to market in 2024,” Tack said.

“We’ve known the executive team from PERIFA for a long time and are looking forward to bringing the combined expertise together to deliver an exceptional outcome for the community.”

Yuzo Nishiyama, Head of Australia, Mitsubishi Estate Asia Pte. Ltd., said the Pier 20 project marked the beginning of a successful partnership with PERIFA.

“In the Australian market, and especially in Sydney, we know there’s ongoing demand for premium accommodation in waterfront locations, especially when there are amenities and entertainment on the doorstep,” Nishiyama said.

“Our investment into Pier 20 marks the beginning of our relationship with PERIFA, and we are excited by the opportunity to joint venture the development with Abadeen and Phoenix Property Investors, and we look forward to combining our shared global and local experience and capability to deliver this unique development in NSW.”

Pier 20 is expected to be completed by FY27, with a total development cost of $240 million.