Bensons Property Group boosts portfolio to $800m

Melbourne-based private developer Bensons Property Group is on track to deliver over $1 billion worth of apartment projects in Victoria and Queensland, with six active developments underway.The company, founded by property and wine industry entrepreneur Elias Jreissati, has just broken ground on its latest project, the $260 million Chevron One on the Gold Coast, and sits alongside Liberty One, a $360 million two stage project at Footscray in Melbourne’s inner west, as its flagship projects.Established nearly a quarter of a century ago in 1994, Bensons Property Group has a long history of developing residences of distinction in prime locations, focussing on arresting architecture and functional interiors that are stylish, timeless and built to a high quality.Chevron One is Bensons’ first foray into the Gold Coast and is currently the largest project in the developer’s portfolio. Chevron one will deliver 236 apartments over 40 levels with spectacular views to Surfers Paradise.Both projects are ramping up to construction as the company nears completion of the $207 million Vanguard development in Malvern East.“We’ve taken a targeted and measured approach to the market which has supported our current development strategy,” said Bensons Managing Director Rick Curtis.“The Melbourne market is proving to be quite resilient for us, and there’s underlying strength in the Gold Coast market that is well supported by both local and interstate buyers,” he said.“The Gold Coast has seen steady growth for the past three years and demand from lifestyle buyers has underpinned this trend. We’re seeing no signs that this will change any time soon.“This has added a new level of diversity to our portfolio and we intend to maintain that in the long-term.”Bensons has a long history of developing residences of distinction in prime locations and has delivered more than $2 billion in projects.Chevron One and Liberty One join six active projects in Bensons’ development portfolio which are targeting key blue-chip lifestyle precincts in Melbourne and the Gold Coast.Mr Curtis said buyer response to the six developments across both states had given the group confidence in the market and their ability to maintain momentum.“Chevron One is closing in on $40 million in sales following its launch in March this year,” he said.“We’re tapping into the demand for quality residences across all six of our development locations and are receiving a great response from the market.“The five projects which are on the market are tracking well with sales and continue to attract interest,” he said.Currently five of Bensons’ six active projects are located in Melbourne. They include:• Vanguard, a $207 million, 321-apartment Malvern East project currently under construction with completion due in late September 2018;• Chronicle, a $47 million, 32-apartment Armadale project currently under construction with completion due in early 2019;• Chelsworth, a $31 million, 50-apartment Ivanhoe project currently under construction with completion in early 2019;• St James Park, a $54 million, 24-apartment Hawthorn project that is has recently commenced a limited pre-launch stage pending finalisation of design;• Liberty One, stage one for $250 million, 350 apartments in Footscray, with marketing is expected to launch in late 2018, stage two for a further $110 million, 195 apartments will be launched in 2019; and• Cecil Place, a $70 million project in Prahran that has recently received planning approvals for 56 apartments plus commercial space.Bensons Property Group sits under the Jreissati Group of Companies, a diverse lifestyle portfolio of that includes Levantine Hill Estate with its award-winning wines, fine dining and event spaces, as well as J Group Elite and J Group Aviation which provide premium travel, luxury accommodation and gastronomic experiences to the connoisseur.