James Packer backs another Manly beachside apartment project with Time & Place

Tycoon James Packer is backing another new beachside apartment project in Manly, hoping to again surf the wave of popularity that the area has garnered.

Planning renders of proposed site in Manly that is subject to design changes.

Tycoon James Packer is backing another new beachside apartment project in the northern Sydney suburb of Manly, hoping to again surf the wave of popularity that the area has garnered.

The suburb has become a drawcard for wealthy downsizers with upmarket projects becoming the norm in the surfing haven.

Last year, another billionaire, property developer Sam Arnaout’s Iris Capital Group, capitalised on the area’s re-rating with a record $22m-plus sale of the penthouse in the luxury Oceania development.

And Robin Khuda, best known for building up the AirTrunk data centre empire, hit another high point, with his Ondas residential arm selling the penthouse in their first luxury residential project in Manly for $18.05m.

Packer is putting his stamp on real estate markets by supporting a series of high-profile projects in luxury enclaves in major cities.

In his latest play, he is again backing private developer Time & Place who he is already undertaking a larger development with elsewhere in Manly.

The company told The Weekend Australian that it is developing a new project, dubbed 101 North Steyne, in a joint venture with Packer’s property development firm.

It joins the ranks of other Sydney developments undertaken by the duo, including the successful Two Tides Manly and Marlborough House in Surry Hills. The latter project will see 156 apartments developed on Marlborough Street on the site of a former David Jones warehouse.

The North Steyne project is in planning with tentative designs by Smart Design Studio for seven premium apartments and basement parking for 13 vehicles, with the site’s final design outcome subject to planning.

Time & Place has had success with strong sales at the nearby Two Tides project at 9 Raglan Street. Two Tides is a five-storey residential development comprising 24 premium two- and three-bedroom residences, plus an activated retail ground floor.

While it has its roots in Melbourne, Time & Place has grown passionate about developing in Manly, with several of its executives living locally, sending their children to nearby primary schools, and actively participating in local sports clubs.

These ties have put Manly firmly on Time & Place’s agenda and it says it is a committed contributor to the area’s growth and is invested in the suburb’s evolution.

It said the 101 North Steyne project was a unique opportunity to develop in an under-utilised pocket along Manly’s beachfront, delivering a beautiful boutique development.

“As a Manly local, I’m deeply invested in the character and future of the Manly community. It’s important to me that any development here is not only of the highest architectural and design standard, but also enhances the unique lifestyle that makes Manly such a special place to live,” Time & Place director Evan Papadopoulos said.

The firm is a design-led developer that has been in operation for 10 years. It is known for its focus on projects that make for interesting living and is involved in more than 32 projects totalling $8bn and with a rapidly growing pipeline.

Packer is also backing Time & Place plans to redevelop The Chimes complex at Potts Point, where a lone holdout unit owner was last month ordered to sell, clearing the way for a luxury project to begin.

While his property interests are wide ranging, they have a slant towards luxury apartment development – partly because this is where the market is hottest.

Last year, Packer broadened his appetite for development to Singapore-style shop fronts and apartments, with the billionaire committing to a project in the affluent Sydney harbourside suburb of Rushcutters Bay. He is working with developer Third.i, with the project to have 12 three-bedroom apartments.

His more recent plays include teaming up with luxury developer Orchard Piper to buy and demolish a gourmet supermarket in Melbourne’s Kew. The Melbourne company purchased the site of the Leo’s Fine Food & Wine supermarket and is planning a residential project that will include a boutique retail offer.

The tycoon has already backed Orchard Piper in another upmarket part of Melbourne, Toorak, where it has achieved a record $20m penthouse sale at its One Toorak Place project.

With the luxury property space not slowing down, and his latest Manly project at the boutique end, it won’t be long before Packer is looking to catch his next major project.