Receivers called in on $300m eastern suburbs apartment block

Receivers have been appointed to one of the largest apartment developments in Sydney’s eastern suburbs, the $300m Nautique apartment block in Rushcutters Bay.

Receivers have been called in at the Nautique project in Rushcutters Bay, Sydney.

Receivers have been appointed to one of the largest apartment developments in Sydney’s eastern suburbs, the $300m Nautique apartment block in Rushcutters Bay, even though 43 units in the 117-unit block sold for a total of more than $140m within weeks of its launch.

It is understood the project’s lender, Metrics Credit Partners, appointed receivers Newport Advisory to 100 Bayswater Pty Ltd, a company associated with the developer, JDH Capital, just before Christmas.

JDH Capital rose to prominence a few years ago when it won a high-profile NSW government tender to develop the Sirius building in The Rocks, where a few multimillion-dollar apartments remain on the market.

In a statement to The Australian, JDH Capital, backed by former Macquarie Group executive Jean-Dominique Huynh, said “we are on track and working with our financier to settle the presales now that the development is completed.”

Nautique selling agent David Highland of Highland Real Estate said the agency was continuing to market the units and inquiry remained fairly strong.

Metrics declined to comment.

An artist’s impression of the communal pool of the Nautique apartment block.

The buyers of the 43 apartments, which adjoin Rushcutters Bay Park and overlook Sydney Harbour, are yet to settle their purchases.

It is understood the project, which included a redevelopment of the existing Vibe Hotel, is almost finished, with builder Richard Crookes Constructions completing the final touches.

JDH Capital purchased the high-profile site in Bayswater Road from Greg Shand’s Barana Group and Toga, paying $125m in 2023. The syndicate picked up the since-closed hotel for $42.75m in 2003. The financial problems of the apartment project come even though half of Nautique’s off-the-plan apartments were sold in the weeks after its official launch.

Its marketing agents said it reaped in excess of $140m in sales in the first weeks of marketing.

Spruiked as the first major apartment development in Rushcutters Bay in more than 13 years, Nautique attracted buyers from Sydney’s eastern suburbs, inner west, Sutherland shire and northern beaches, as well as the Southern Highlands.

The 117 units ranged from one to three bedrooms, crowned by a 237sq m three bedroom penthouse overlooking Sydney Harbour which was expected to fetch more than $10m.

Designed by architect PTW, the building includes a rooftop communal pool.

Nautique was expected to appeal to people upgrading from older apartment blocks in the eastern suburbs.

Originally published as Receivers called in on $300m eastern suburbs apartment block