Sydney’s west set 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 the newly formed funds management and investment group he chairs, 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 rooms in a four-star hotel. It is forecast to open in 2024 and will be a beneficiary of the Badgerys Creek airport.

It comes as the tourism sector returns to life with an influx of overseas and domestic travellers, which has resulted in a swathe of new hotel openings. The demand for apartments in the west has also prompted new projects.

Joseph Banks Property Fund will arrange the finance and take an equity position in the development – a model it plans to deploy across a range of proposed mixed-use developments, each worth up to $200 million along the eastern seaboard.

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

McDowall said it is the first project in what he says is “a unique model to get developments off the ground, without dealing with the many traditional obstacles like pre-sales”.

I co-founded Joseph Banks as our model is distinct from the now overcrowded non-bank loans market.

Dominic Lambrinos, Joseph Banks Property Fund

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

“I co-founded Joseph Banks as our model is distinct from the now overcrowded non-bank loans market, where there are too many mortgage providers and not enough viable projects providing adequate returns to investors,” Lambrinos said.