Western Sydney braces for $110m hotel and apartment boom

Sydney’s growth corridor in the west, near the new airport, is set for a $110 million hotel and apartment development called The Grand Liverpool, backed by businessman and former politician Dr. John Hewson and investment group and newly formed fund management chairman, Joseph Banks. Property Fund.

The Grand Liverpool development, located at 402 Macquarie Street, Liverpool, is a joint venture with developer Ian Jordan and will comprise 72 apartments and 192 four-star hotel rooms. It is scheduled to open in 2024 and will benefit from Badgerys Creek Airport.

A $110 million residential/hotel development, called The Grand Liverpool, has launched in Liverpool, in western Sydney.Credit:

It comes as the tourism sector comes back to life with an influx of domestic and foreign travellers, resulting in a slew of new hotel openings. The demand for apartments in the west has also fueled new projects.

Joseph Banks Property Fund will arrange financing and take an equity position in the development, a model it plans to implement in a variety of proposed mixed-use developments, each worth up to $200 million along the East Coast.

Ross McDowall, co-founder of Joseph Banks Property Group, said the group carried out due diligence on more than 20 projects before settling on The Grand Liverpool.

McDowall said it’s the first project in what he says is “a unique model for getting development off the ground, without having to deal with the many traditional hurdles like pre-sales.”

I co-founded Joseph Banks as our model is different from the now saturated non-bank lending market.

Dominic Lambrinos, Joseph Banks Property Fund

Joining the Joseph Banks Property Fund team is experienced financier and CEO Dominic Lambrinos, who recently retired from his Chifley Securities group.

“I co-founded Joseph Banks because our model is different from the now saturated non-bank lending market, where there are too many mortgage providers and not enough viable projects that provide adequate returns to investors,” Lambrinos said.

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