The property developer has revealed that it will partner with the Australasian real assets group to deliver the $300 million, 178-unit luxury retirement community at the Merewether Golf Club in Newcastle.
Third.i have entered a joint venture with Dexus’s opportunistic Fund series, Dexus Real Estate Partnership (DREP), with the second fund in its series, DREP2, to support The Merewether Residences’ development.
“As a joint venture partner, DREP plays a critical role in providing capital funding to support the development, recognising the strength of our expertise in executing large-scale projects in the living sector,” said Luke Berry, Director and Co-Founder of Third.i Group.
Council approval has been obtained for the development, with construction due to start later this year and completion expected by late 2027.
Designed by architects Marchese Partners, The Merewether Residences has faced a bumpy road to development with Third.i forced to add another 36 apartments to the original design last year to keep the development commercially viable in the face of escalating construction costs.
In January this year, the developer announced a new building partner Decode Group for the project, which is now overseen by EJE Architecture.
The final site will feature 178 one-, two- and three-bedroom apartments overlooking the golf course, a health and wellness space, cinema and pool, and a new clubhouse (pictured top) for the Golf Club.
