Giant Japanese real estate developer Mitsubishi Estate Asia will back a major housing estate in NSW’s Illawarra region being undertaken by the private Abadeen operation, as the state’s housing industry digests the collapse of developer Bathla.

While the Bhart Bhushan-led empire is being broken up as lenders step into key sites and start developing them directly – and hopes remain of a rescue plan for some sites – the move by the Japanese group shows that premium operators are winning support.

The Japanese group already has ties with Abadeen and a host of top developers including Lendlease, where it has backed luxury skyscrapers in Sydney. It is also developing Sydney’s $2.3bn Harbourside precinct with Mirvac in a 50:50 joint venture.

In the latest deal with Abadeen, the pair will develop RIVA Calderwood, a new masterplanned estate with more than 230 new homes in one of the Illawarra’s fastest-growing regions.

RIVA Calderwood builds on existing ties between Abadeen and MEA at the Putney Wharf Harbourfront Precinct in Sydney, and is the pair’s next move in expanding into Australia’s housing sector.

The partnership shows that large-scale international players have confidence in Australia’s long-term housing fundamentals despite the slowing sales reported by major developers including Stockland and Mirvac.

Mitsubishi Estate Asia is backing a housing estate development by Abadeen in NSW’s Illawarra region.

The interest is heaviest in backing top operators who are expanding in growth corridors that address the more affordable end of the living sector.

The estate in Shellharbour is part of the broader Calderwood Urban Development Plan. RIVA Calderwood is designed around the Macquarie Rivulet with a focus on lifestyle.

House and land packages are targeted at a mix of first-home buyers, growing families, downsizers and lifestyle purchasers, with the net cast wide after the Albanese government’s shock property tax changes.

Homesites range from 300sq m to more than 2000sq m, so purchasers have the flexibility to design homes.

Abadeen executive chairman Justin Brown said the partnership was a milestone for both organisations to expand into the more affordable end of the housing market and demonstrated the growing appeal of Australia’s living sector to global investors.

“We’re incredibly proud to be partnering with Mitsubishi Estate Asia to deliver RIVA Calderwood,” he said. “MEA has an outstanding reputation internationally and continues to demonstrate its high conviction in Australia’s residential market through its investment in high-quality communities.”

Mr Brown said the project reflected Abadeen’s continued expansion into masterplanned communities across Australia, where there is pressing need for more stock to address the housing crisis.

MEA head of Australia, Yosuke Matsunaga, said Australia continued to present compelling long-term opportunities for residential investment.

“Abadeen’s track record of delivering high-quality residential communities and our shared long-term investment philosophy made them a natural partner for this project,” he said. “We look forward to a strong and enduring partnership with Abadeen and exploring further opportunities to work together in the future.”

Japanese companies have made large forays into home building and development with the likes of Sekisui House and Asahi Kasei Corporation active.

“Australia continues to benefit from strong population growth and sustained demand for quality housing, and MEA looks forward to continuing to actively invest and grow its business in Australia,” Mr Matsunaga said.

The first public release at RIVA Calderwood is planned for September with the developer optimistic about the site that fits into the affordable end of Abadeen’s pipeline. The company also develops premium boutique apartments and mixed-use projects.

It sports an active project pipeline valued at more than $3.5bn and a strong national presence. Abadeen is working on 20 projects across NSW, Victoria, Queensland and WA.

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A developer has returned to the drawing board seeking to reimagine a proposed Geelong office tower into an 18-storey mixed use project featuring 107 apartments.

Urbis has lodged an application to the Department of Transport and Planning to amend the permit to provide for the 18-storey building on behalf of architects SMFA and developer Rezolve.

The gravel car park at 16 Gheringhap St, Geelong is one of 18 locations across the CBD where the planning minister has approved developments that have yet to move to construction.

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Urbis planners have detailed in a planning report how adverse economic conditions impacting the development industry, coupled with low demand for substantial office space, had forced the developer to pivot the project.

The existing permit, which was granted in 2023 for the office tower marketed as Yale Place, and was extended in 2024, would expire if work wasn’t started by March 2027.

The report outlines how “significant unforeseen and demonstrable impacts to the construction industry that has limited the ability for the development to commence”.

Renders for a proposed permit amendment to create an 18-storey mixed use building at 16 Gheringhap St and 12-18 Bayley St, Geelong. Image: SMFA.

A render of the development approved for the site, called Yale Place has 13 storeys and included a rooftop bar and restaurant.

Furthermore, engagement with agents has confirmed that a 17-storey office building in this location “would not have the appropriate demand to justify commencement of the works”.

The property neighbours a site where developer Quintessential Equity scrapped plans for its second CBD office tower – an approved 11-storey development – after it couldn’t entice an anchor tenant to the project.

The decision to downsize commercial space in favour of residential apartments follows with Franze Developments’ decision to repositioning an entire building at its Geelong Quarter project on Ryrie St.

A substantial red podium will include three levels for carparking. Image: SMFA.

The introduction of a swallow tail pleating to the eastern facade maximises views for occupants and provides a sculpted tower form. Image: SMFA.

The proposal seeks to reimagine the Gheringhap St corner site, introducing new architecture, dwellings and carparking.

Non-residential features include food and beverage premises at the ground floor, coworking space and restricted recreation at mezzanine level, offices at upper levels and a rooftop bar.

The 107 apartments from levels 7 to 16 would be a mix of 34 one-bedroom, 57 two-bedroom and 16 three-bedroom residences.

The tower would include three levels of car parking, three levels of office space and 107 one, two and three-bedroom apartments. Image: SMFA.

Communal space for residents would be provided on level 7.

The project includes an upsized podium, including three levels of carparking, providing 110 resident car park spaces within the podium.

There would be separate lobbies for offices and apartments.

Secure bicycle parking is also included, with 30 double-height spaces for residents.

A facade of red metal covers the carparking levels, with a glass exterior surrounding the office floors.

Apartments would each offer a mix of glass and balconies at the facade.

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