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Pindan Capital bolsters commercial property portfolio with East Coast acquisitions

Pindan Capital has acquired two substantial Sydney sites in off-market transactions, further confirming its significant growth on the East Coast. Both acquisitions have been syndicated by Pindan Capital through its network of high net worth clients. Pindan Capital has purchased the current Warner Music site located on Albany Street in Crow’s Nest. The three-storey office building was purchased for $13.3m, has a net lettable area of 3,286sqm and one level of basement parking for 40 cars.

Warner Music has already signed a five-year lease for the top floor and the 1,609sqm site has three street frontages, making it an attractive long-term development proposition.

Scott Staniforth, General Manager of Pindan Capital, said the purchase reflected the continuing strong demand in the Sydney market for income-producing assets with good tenant covenants.

“With Warner Music underpinning the rental income and the proposed Crows Nest train station nearby, the property is ideally located for future development,” he said. 

“Pindan Capital is already well known for its residential developments and we are now looking to grow our commercial property portfolio as there are many investors seeking assets with solid yields.”
Scott Staniforth, General Manager, Pindan Capital

Pindan Capital’s second purchase is a 54 apartment development site in Turramurra, on the east side of Pacific Highway, for $14.2 million.

Scott said the five-storey development has been designed by leading architects Rothe Lowman and its eye-catching appearance draws on a range of features in the local community.

“Through collaboration with the local council, the architects have designed a striking building that captures the heritage embodied in the stately homes and private schools in the area,” he said.

Each apartment will feature sweeping corner views, which is a rare achievement in apartment developments of this scale.

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Perfect partnership delivers second major project

Pindan completed construction of the $57m residential and commercial development Freshwater in Claremont, in partnership with developer and development manager, Aria Land. The project is located on the corner of Stirling Highway and Freshwater Parade in Claremont and features 70 high-end apartments over two mid-rise buildings, 10 commercial units and a lap pool. Pindan was involved in both the capital raising and construction of the project and Paul Simpson, Managing Director of Aria Land, said Pindan’s ability to deliver to such a high standard resulted in the development being built on time and on budget.

“Aria Land is a boutique developer and development manager and Pindan’s standards in respect to all areas such as construction standards, pricing, management and general business ethics align with ours.”
Paul Simpson, Managing Director, Aria Land
“There are few builders that possess such attributes, as well as the capacity to build luxury developments, making Pindan the perfect partner for Aria Land,” Paul said.
Freshwater is the second development Pindan has built for Aria Land, having previously built West One in West Perth.
Scott Davison, General Manager Funds Management for Pindan Capital, said having previously worked with Aria Land, Freshwater presented a great opportunity for Pindan to become an equity partner as well as builder of the development.
“Freshwater ticked all the boxes from our capital raising point of view – a great location, excellence in the quality of product proposed and pricing well in line with the market,” Scott said.
“Our forecasts showed we could gain a strong return for our investors, which has been subsequently achieved.”
Scott Davison, General Manager Funds Management, Pindan Capital
This coupled with a strong working relationship with Aria Land made the project extremely successful on all levels, according to Scott.
“Pindan has the capabilities to take on complete development, construction and management of projects however with the right project and partners, such as Freshwater and the team at Aria Land, we welcome undertaking projects where we can be co-investors and work with clients to deliver and develop great projects,” he added.
Paul added that Freshwater had been a highly successful development from a number of perspectives.
“The joy and satisfaction of seeing such happy buyers upon the handover of their new homes could only be achieved thanks to the result of a fine job by the project’s architects HASSELL, and also Pindan’s ability to deliver the build outcome to the required standards,” he said.
As an integrated property group, Pindan works with its partners to provide a range of services from land acquisition and capital raising through to design and construction and development management.
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Quality development benefits from integrated approach

Pindan Capital celebrated the completion of its second project, North One Subiaco. Pindan Capital entered into a partnership with Australian property investment management business ISPT, to undertake the development of the A$76m mixed use development on the corner of Salvado Road and Station Street. Offering 88 quality apartments and 17 commercial tenancies, the innovative design boasts inner landscaped courtyards, a fully equipped gymnasium, communal lounge and Masterchef rooftop kitchen known as ‘The Loggia’. Pindan Capital’s General Manager Funds Management, Scott Davison, said he was thrilled that the project was completed on time, allowing strata titling to be brought forward.

“North One highlights Pindan’s exceptional capacities as a fully integrated property group,” he said.
“From raising capital in partnership with ISPT, to managing the feasibility, planning and project management of such a complex project whilst ensuring the project was finished on time and within budget - there were many aspects to coordinate.”
“Pindan Realty expertly oversaw the project sales and marketing, securing buyers prior to construction and during the two year construction phase.”
Sean Hogan, Senior Development Manager Development and Opportunity at ISPT, said the North One joint venture was the first residential development his company had undertaken in Western Australia.
“We value Pindan’s development and construction expertise and consider them our preferred local residential development partner in WA,” he said.

“We work with Pindan to maximise development returns through the cycle and as early-cycle developers, Pindan & ISPT gained the benefits of competitive construction costs and rising apartment values."
Sean Hogan, Senior Development Manager, ISPT
“Pindan supervised the development programme to ensure it was both well timed and well managed to meet the market conditions ISPT foresaw.”
Pindan’s Director Development Management, Nick Allingame, said Pindan overcame several construction challenges to complete the project.
“This was an unusually complicated build due to a mixture of materials used such as concrete filled blockwork, face brick and lightweight CFC to form unique triangular facades,” he said.
“For example, Pindan collaborated with Midland Brick to develop a custom-glazed brick for all external face brick elevations to meet the architectural intent.
“A value engineering exercise also resulted in a cost saving post tension transfer slab in lieu of a traditional reinforced concrete transfer slab.
“This solution removed the need for large concrete beams to the ground floor commercial spaces which resulted in easier mechanical, electrical and hydraulic installations.”
Designed by Sydney architectural firm Smart Design Studio, in conjunction with local architect Hassell, North One is one of three buildings that form the residential, café and commercial hub, Centro North.

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Partnerships help to secure East Coast development

Following the establishment of a new office in Sydney, Pindan Capital has secured a development site on Pacific Highway in North Sydney, which will be developed in partnership with local firm Winim Developments.

The North Sydney site is a boutique 36 apartments plus 5 commercial tenancies with sales revenue of $37m.

“The decision to pursue opportunities outside of Western Australia was in direct response to Pindan Capital’s strategy to provide investment diversity across the wider Australian markets which are all at various stages in the property cycle.”
David Pringle, Managing Director, Pindan Capital
“The West Australian property market has proved very successful for Pindan with both local and offshore investment, but as our investor network continues to expand and evolve so do their wider investment interests in other regions in Australia,” he said.
Scott Staniforth, General Manager of Eastern States for Pindan Capital, added the team have been looking in Melbourne but concentrating on Sydney and Brisbane as they have stronger development fundamentals in the current market.
“We are finding that there are stronger development opportunities to partner with both institutional and offshore groups to help them access the wider Australian market,” he said.
Scott said Pindan Capital also remained committed to the Perth market, citing the recent purchase of the Australian Federal Police Building at Perth International Airport among the investment asset properties acquired by Pindan Capital on behalf of its clients.
David agreed, adding that Pindan was delighted with the outcome of another major Western Australian acquisition with joint venture partners HOSTPLUS and Roxy-Pacific.
“Pindan has been keen to develop relationships with major Australian and international investment partners as well as those in our home city of Perth. The announcement of HOSTPLUS and Roxy-Pacific’s second joint venture in Australia, secured by Pindan Capital of the Standard Wool Stores and Caltex sites totalling 4.4 hectares in North Fremantle which we are proposing to undertake rezoning to residential, is exciting for all involved,” David said.
“The North Fremantle site was identified and secured by Pindan Capital, who will also provide the complete development management services to the joint venture, and is another great example of Pindan’s building on partnerships ethos”, he added.

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Group dwelling fund focus on infill housing

A new group dwelling fund launched by Pindan Capital has attracted $19m in investment and was fully subscribed soon after its launch. The Pindan Capital Grouped Dwelling Fund has secured three residential infill development sites in Kardinya, Ferndale and Viveash in Western Australia, totalling 157 house and land packages plus 38 vacant land lots with a combined sales revenue in excess of $100m. Scott Davison, General Manager, Funds Management for Pindan Capital said Pindan has an exceptional track record of successfully developing high quality infill group dwelling estates.

“Our equity partners invest with the confidence that we provide surety of project delivery, coupled with strong returns in reasonably short time frames,” he said.
“This is well proven by our completion of our $32m South Guildford estate with 60 residential lots created, with 51 being house and land packages. ” he added.
Scott said Pindan Capital was proud to work with Eastern States AVJennings and local Dorado Property as anchor equity investment partners in the development fund.
“This is the second investment AVJennings have partnered with Pindan Capital after taking an equity investment position on our $125m Fine China development in Subiaco, and we look forward to another successful collaboration,” he said.

“The return of AVJennings to Perth is something that is long overdue and exciting. Pindan’s reputation and experience makes them an ideal organisation to partner with.”
Peter Summers, CEO, AVJennings
Pindan Capital has secured the three development opportunities for the grouped dwelling fund with Pindan also undertaking the lot creation and house construction utilising their proven development management and construction expertise.
These residential sub-divisions will create smaller lot housing options, sized between 250m2 to 350m2, to increase density requirements in line with the WA Government’s infill housing program.

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