The residential property development arm of the OpenCorp business is being relaunched as a standalone entity under the new name Equire.
Established in 2006, OpenCorp has evolved since its inception and now includes five divisions offering investment advice, property management, finance broking, funds management and property development services.
With almost $500 million of national projects in the pipeline, the latter division now becomes Equire.
Equire director and OpenCorp founder Allister Lewison explains that the decision to rebrand OpenCorp Developments to Equire was driven by growth.
“Given the continued growth of the development division of the OpenCorp group of companies, it was a natural progression to create the new brand Equire to allow the business to build on the 11 years of success it has already achieved,” explains Lewison.
“Equire will focus on residential developments nationwide, while the remaining OpenCorp business continues to help everyday Australians build property development portfolios and generate wealth through its investment management, fund management and property management divisions,” Lewison says.
With a current project end value of $488.9 million, Equire will primarily focus on residential development projects in Victoria, Queensland and Western Australia. As well as a portfolio of completed projects, current Equire projects include: Eastside Village, a multi-residential apartment project located in Hawthorn East in Melbourne; Umbra, a land subdivision in Greenvale, Melbourne; Quayhouse, a multi-residential apartment project located in Port Coogee in Western Australia; Quenda, a land subdivision project located in one of Perth’s growth corridors in Hammond Park; and also multiple projects in Queensland.
In a recent acquisition, Equire purchased a 1400 square metre site in the leafy northeastern suburb of Ivanhoe, ten kilometres from the Melbourne CBD. The site, in its early stages, is earmarked to have an end value of $34 million and will include approximately 45 apartments, with a mix of one, two and three bedrooms to suit a variety of purchasers. In addition Equire is contracting a site in South East Queensland for a 300-lot subdivision.
“We are constantly evaluating numerous opportunities in line with our national acquisition strategy and are keen to focus more heavily on land in Brisbane and Perth, townhouses in Brisbane and Melbourne, and boutique apartments in Melbourne,” says Lewison.