Why WINIM doubled down on the boutique North Shore market
When COVID reached Australia in early 2020 and the country was plunged into lockdown, the uncertainty of the economy had both buyers and developers wanting to see how the next few months, and even years, played out.
Not the diversified property developer WINIM, who used the time to reassess and refine their business strategy. The decision to turn unknown into opportunity is now paying them back in spades.
Justin Kuiters, who set up WINIM in 2011 alongside Josh Leahy after working together on Top Ryde, Australia's largest mixed-use project, said when the TV's were flashing red, they acted.
"We didn't believe the doomsday reports and acted, probably in the opposite direction" Kuiters, a former director at Multiplex, told Urban.
"We doubled down on sites, in a slightly more targeted area, deliberately staying clear of some of the larger scale, middle and outer ring areas and totally focusing on our key 10-15 suburbs.
"Now we have 12 projects either in market, at development application stage, or nearly ready to submit." Nine of the 12 projects are premium Lower North Shore residences.
WINIM Joint Managing Directors, Justin Kuiters, left, and Josh Leahy, right
Kuiters says they identified a chronic undersupply of boutique, large apartments and mid-sized residential which target both the rightsizer and the downsizer. The majority of buyers are those who want to stay in the area that they've always called home, but there are many who are looking at the style of apartment WINIM develop as their best bet to move into the affluent North Shore.
"Once people live in the North Shore, rarely do they want to leave," Kuiters suggests.
"It was a case of developing residences that resonated with buyers who couldn't find something that suited both their lifestyle and budgets."
While securing sites over 2020 and 2021, WINIM were also seeing success selling their projects.
They now have just a few remaining townhouses at The Lawson Terraces, in one of the best spots in Naremburn, and also only a handful in the 16-townhouse Willoughby project, Tierra. The Lawson Terraces are expected to be completed in early 2023, and Tierra later in the year. They also sold out The Terraces in Willoughby last year.
WINIM are currently working on projects in Neutral Bay, Mosman, Cremorne, Gordon, Lane Cove and Kirribilli. Arguably the most striking is set to be their Cremorne project at 15 Allister Street.
The original building was constructed in 1913 and was designed by the prominent architect Clifford Finch, who later, alongside renowned architect John Burcham Clamp, designed Sydney's Tattersall Club and the heritage-listed Lawson House on Cumberland Street in the CBD. Renowned architecture firm Rothelowman will be retaining the facade, while adding a contemporary extension.
Kuiters says the company have worked on a number of adaptive re-use projects recently, a development approach which the local council's are favouring.
The Allister Street, Cremorne plans by Rothelowman
"We've secured a number of sites which aren't heritage-listed, but due to their striking street frontage, and unique character from a bygone era, just like council, we are wanting to come up with a clever and creative way of bringing these grand building's into the 21st century," Kuiters adds.
"The community and council are favouring adaptive reuse and architectural detailing that complements the street.
"They're more challenging, but you come out with a more bespoke, unique product, catering for two types of buyers, those who are keen on the historical features (cornicing, high ceilings, brickwork etc) , and those who want the more contemporary finishes."