A new property development fund is seeking to raise $150 million to help deliver one of the Sunshine Coast’s first luxury hotels.
7EVEN Capital has been established to help deliver $1 billion of residential and commercial projects, starting with a proposed 77-room boutique hotel at Caloundra that has garnered attention from hotel brand Marriott International.
The development application was submitted last month by developer 5IVE Co and the tower is set to create the first luxury hotel experience within Caloundra.
The design by Fraser and Partners reaches eight storeys high and includes a ground-level lobby, cafe and reception, as well as a rooftop with a lounge area and pool, complete with panoramic views over Bulcock Beach.
7EVEN Capital chief investment officer Daniel Sette said the property fund, founded by Mr Sette and Jamie Baldwin, was established to help developers across Australia bring their developments to life.
“Whether it’s boutique residential projects or large-scale commercial ventures, 7EVEN Capital is dedicated to supporting developers at every stage of their journey,” he said.
“The Sunshine Coast is an untapped market when it comes to hotels and we are excited to help bring this development to life.
“We are excited to work alongside industry leaders such as BMYG Capital, who will act as the fund trustee of 7EVEN Capital.”
7EVEN Capital is the first property development fund for which BMYG Capital, a company under Boman Group, serves as trustee, with BMYG Capital overseeing assets exceeding $600 million.
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Boman Group chief operating officer Jesse Zhang said the company was excited to be representing an independent fund trustee within the property space.
“As trustee of the 7EVEN Capital Fund, we are thrilled to collaborate with 7EVEN Capital to bring their exciting projects to life in the dynamic residential and hotel sectors, capturing the essence of modern living and current trends,” he said.
“We look forward to contributing to a portfolio that stands out in quality, sustainability, and appeal.”
