Nick Georgalis and Mark Bouris: values aligned. Photo: Supplied.
Canberra developer Geocon has teamed up with entrepreneur and finance industry identity Mark Bouris in a partnership that it says will open up property ownership to more Australians.
Announced at the launch of Geocon’s High Society development on Friday night (6 July), the partnership brings star power to the company’s already giant footprint in Canberra and aims to develop “new and exciting initiatives to make property ownership accessible to all Australians”.
Geocon Managing Director Nick Georgalis said the company saw a strong alignment with Mr Bouris’ understanding of entrepreneurship, financing and innovation in wealth creation for everyday Australians.
“And, like Geocon, he believes that home ownership is one of the most stable and promising investments in Australia,” Mr Georgalis said.
“Mark has built a successful career as an adviser to government, provides inspiration to everyday Australians, and is an influencer for business leaders. The business prowess and entrepreneurial culture he brings challenges markets and provides smarter solutions for consumers, which resonates strongly with our approach at Geocon.
“It’s early days in the relationship yet, but very much a case of ‘watch this space’.”
The founder of ASX-listed wealth management company Yellow Brick Road, and star of TV’s Celebrity Apprentice and The Mentor, Mr Bouris sees great opportunities in a growing national capital.
“Having recently returned to Canberra, I’m not surprised how much it’s advanced from the Canberra I knew in the late ’80s. Canberra has all the fundamentals especially important in uncertain times,” Mr Bouris said.
“I can see that Geocon is really building Canberra and they are only just warming up. I see a whole range of great opportunities here and I’m excited about getting to know the Geocon business more deeply and looking at what we can achieve together.”
Geocon said more details of the arrangement and Mr Bouris’ work will be announced in coming weeks.
High Society, part of the company’s massive $1 billion Republic precinct under construction in Belconnen, has almost sold out, with only about 10 per cent left of the 541 units offered to the market, making it the best-selling project in Australia.
“We have sold 500 units with 10 per cent of the stock remaining by day one,” Mr Georgalis said. “That’s double the record of the 250 we sold in Grand Central Towers in a single night in February.”
High Society will deliver 541 apartments, a 135-room Abode hotel, 500 public parking spaces in addition to residential parking, and retail and commercial offerings in the Republic precinct. It is expected to be completed by September 2020.
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