The developer has reported plans for an $80 million tower in the modern Cremorne community of the east-central through a joint venture with site owner Zagame Group. Icon, along with Kajima and Zagame, will occupy the area of their respective headquarters in the new progression at 116 Cremorne Street. The site is occupied through the Lotus car dealership and will be part of Icon’s long-term asset portfolio.

In addition, Icon has reached an agreement to finance the progression of a nearby Collingwood, which will be developed through the personal player Peregrine Projects. La structure of 88 Langridge Street is under structure with manufacturer Minicon, owned by Kajima, and will be delivered in the first quarter of 2022. The collaboration center has CreativeCube. Co been chosen as the primary tenant of this project.

“These two transactions demonstrate Icon’s ability to fill a gap in the market as a developer and capital partner. Our debt financing functions are in line with the development trend of classic bank loans,” said Matthew Bourke, Managing Director of Icon Developments.

Icon has approximately $140 million in debt financing at Victoria Market, adding a proposed tower at 627 Chapel Street in progress through Goldfields and the Park House apartment project, jointly developed through Salta Properties and the Smorgon family, overlooking the Yarra River in Abbotsford.

Icon Developments operates from the structure company Icon Co and has a variety of residential and advertising advances in Melbourne, Sydney and Canberra. Five years ago, Icon’s business was relaunched when one of Japan’s largest automakers, Kajima Corporation, took over. Kajima then took over another mid-level builder, Cockram, and merged it with Icon.

Icon’s structure arm has been incorporating cargo conflicts after a crack was discovered in 2018 at the 36-level Opal Tower he built in Sydney Olympic Park, forcing the evacuation of residents.

Bourke said Icon’s Japanese parent company is ready to expand into the Australian and New Zealand markets.

“Its construction, progression and financing activities have been strong 2020 and will seek expansion in 2021 as a developer, in the residential and mixed-use sectors,” he told The Australian Financial Review.

“We will continue to explore loan opportunities where we can play a role as promoters, builders, or both.

“Our two newly announced projects are located on the outskirts of the city, a market that we will support in the medium and long term as companies continue to decentralize outside the CBD. “

Icon recently sold a progression assignment in Richmond, providing it for more than $19 million after getting approval for plans for an $80 million mixed-use building.