While ex-Toll boss Paul Little is busy selling major development sites, his former Little Projects partner Michael Fox is snapping others up.
Just days after it was revealed Little was offloading a prime South Wharf site with permits to build two residential towers with 940 apartments, former Little Projects CEO Fox has emerged as a growing player in the industrial and residential property spaces, after a series of key acquisitions.
Having formed new entity CostaFox last month, Fox and partner Robert Costa – brother of former Geelong Football Club president Frank Costa – have already bought a number of development sites, including one in Manly.
CostaFox paid $13.1 million for the waterfront site at a liquidator’s auction, just months after it changed hands for more than $16.3 million, and now plans to develop luxury apartments there.
The 1189sqm block of land in Bower St will eventually be home to six apartments spread over four levels and with a price tag of between $7 million and $8 million each.
Costa and have also snared a site on Bay St in Port Melbourne and are expected to submit a planning application for a 70-apartment development in the coming months.
He says the hefty price tag for his future Manly offering would be no barrier to well-heeled buyers seeking prime waterfront properties.
“Following success in the luxury residential market in Melbourne, we have identified an opportunity to create something special in Sydney. It’s rare to find an opportunity to buy a 300 square metre apartment in such an incredible location,” Fox says.
We are actively seeking development opportunities in all markets with a focus on luxury residential and industrial
“I am delighted to have teamed up with Robert Costa, and together our aim is to build a large international property development business.”
“Costa is a significant behind-the-scenes private equity provider in the property market and we have a shared vision to create an internationally renowned property development business.”
While CostaFox has so far announced only residential projects, Fox says they also plan to chase development opportunities in the industrial market.
“We are actively seeking development opportunities in all markets with a focus on luxury residential and industrial,” he says.
Fox parted ways with Little late last year after more than almost two decades together at Toll and Little Projects.