Chasecrown, Medallion Homes join forces for luxury projects
Boutique developer Chasecrown is eyeing more luxury residential projects across Adelaide after securing the backing of long-time partner Medallion Homes and Thomas Foods International’s Darren Thomas.
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Adelaide home builder Medallion Homes has acquired a stake in property development firm Chasecrown following completion of their joint venture apartment project at Glenelg.
Residents will move into the $83m 8 South Esplanade development in the coming weeks, with all 52 apartments sold including a custom-designed $4.9m penthouse.
Medallion’s investment in Chasecrown will result in an expansion of the developer’s pipeline of luxury projects in waterfront and blue-ribbon suburbs across Adelaide.
Thomas Foods International chief executive Darren Thomas is also backing the developer with plans to invest in future Chasecrown projects.
Chasecrown founder and project director Louis Kanellos said the closer connection with Medallion Homes followed a 20-year partnership between the two firms, which had included joint venture developments on Hutt Street and Hurtle Square in the city.
“It’s important that our projects provide a positive legacy and stand the test of time, and this will continue to be our approach as we expand the business,” he said.
“The next era for Chasecrown is exciting, and we’ll continue to deliver unique, high-quality projects.”
The 12-storey 8 South Esplanade development offers buyers expansive views along the coast, with residents having access to an ocean facing indoor pool, private gymnasium, garden terrace and grand porte-cochere.
In addition to the development of the apartments, more than $2m is being spent on a restoration of the adjacent Seafield Tower mansion, as well as a new walkway between St Johns Row and the esplanade. Restoration works on the State Heritage building – the former summer residence of Thomas Elder – will be completed in the coming weeks.
It is owned by Australian National Institute, which provided social and recreational services to railway workers from the 1970s to the 1990s.
Medallion Homes chief executive Jordan Katelanis said Chasecrown’s design of 8 South had set “a new benchmark for world class apartment living” in South Australia.
“The quality of the design coupled with dress-circle location resulted in these apartments quickly selling out within just a few weeks of the project launch,” he said.
“This quality will be reflected in all future projects as Chasecrown expands. We are seeing continued strong demand at the luxury end of the property market in South Australia, and this demand will underpin our projects over the next decade.”
Mr Thomas said Chasecrown had a long history of designing and developing high quality residential projects, and was investing in “their enviable reputation in the South Australian market”.