OPUS Capital Group and Jones Lang LaSalle have formed a joint venture for a $100 million residential development at Hervey Bay in Queensland.
The venture will create 140 residential apartments and ancillary retail space on the 6,964 sqm site.
JLL’s project and development services division is currently project managing over 40 projects worth more than $1.5 billion in construction value, however, this joint venture is the first time that the firm has taken an equity position (10%) in the development market.
The remaining 90% is being taken by Opus Capital Group, to seed its latest development fund, Opus Development Fund 2.
Australian Property Journal
