Investment manager and developer Cedar Pacific has closed funding for its first sustainable co-living scheme in Wolli Creek, Sydney, alongside equity investors Sumitomo Forestry Co Ltd., Grosvenor’s Diversified Property Investments (GDPI) and Moata Ventures.
Debt will be provided by the Nuveen Real Estate Debt Team, who has been an active lender in the global living sector.
“We are thrilled to continue our ESG-focused living program with our valued investors, Sumitomo Forestry, Grosvenor and Moata Ventures, as we embark on our first co-living asset in the key market of Sydney.”
David Hill, Chief Investment Officer, Cedar Pacific
Developed by Cedar Pacific and due for completion in 2027, it will be the first sustainable co-living development of its size in Australia, comprising 217 studio apartments located adjacent to the Wolli Creek train station.
“The new project will help meet Sydney’s growing need for rental accommodation, particularly in transit-oriented areas such as Wolli Creek, which offers direct rail access to the CBD, the airport and the wider metropolitan network.”
Alan Frost, Director of Development, Cedar Pacific
Amenities include a gym, co-working space, rooftop terraces, and other resident facilities. It will also include ground floor service-based retail, shaped by feedback from the local community and landscaped spaces that promote wellbeing and community connection.
“Sumitomo Forestry is proud to deepen our partnership with Cedar Pacific on this pioneering co-living project in Wolli Creek.
“Our investment reflects our commitment to advancing low-carbon, timber-based construction that supports healthier, more sustainable cities.
“We look forward to contributing our global timber expertise to help deliver one of Australia’s most sustainable co-living communities.”
Yasuhiro Odagane, Managing Director, Sumitomo Forestry Australia
The building will target a 5-Star Green Star Buildings rating and is intended to be constructed using a Cross-Laminated Timber (CLT) structural system over eight levels, delivering improved construction efficiency and enhanced sustainability benefits.
“We are pleased to be partnering with Cedar Pacific once again to bring forward this exciting scheme, building on a strong and trusted relationship.
“This project represents a meaningful opportunity to deliver much-needed, high-quality rental homes in a highly constrained environment.
“With market-leading sustainability credentials, it is a great example of using innovative construction methods, minimising carbon impact and supporting Grosvenor’s ambitious environmental commitments.”
Andy Yates, Chief Investment Officer, Grosvenor Diversified Property Investments
Wolli Creek marks the second development in the ESG-focused partnership between Sumitomo Forestry and Cedar Pacific and welcomes re-investment from valued investors Grosvenor and Moata Ventures.
“This is our third partnership with Cedar Pacific, an investor and developer dedicated to delivering innovative living solutions to a market in need, while upholding the highest standards of sustainability.”
Neil Jones, Principal, Moata Ventures
The site, known as Lot 605, is part of the Discovery Point masterplan at Wolli Creek, which has been progressively developed by Frasers Property since 2010 and includes over 1,900 dwellings, extensive retail, public open space and community amenity.
