Watersun Property managing director Garry Garside’s only Melbourne syndicate, Clarke Street Pty Ltd, acquired its first asset last week, capping off a busy period for the Perth-based occupational physician.
Well known for his involvement with health care groups Endeavour Health Care Ltd and PrimePsych, Dr Garside has attracted plenty of attention in recent weeks as many of the 10 property investment syndicates under his watch come to fruition.
The Victorian purchase comprised two South Melbourne office buildings for $7.5 million – which Clarke Street plans to lease before redeveloping.
Another syndicate has gained approval in recent days for the development of a $110 million complex of 58 apartments in Fremantle’s Northbank precinct.
Dr Garside told WA Business News his move into full-time property development, following his departure from Endeavour Health in 2002, was something of an evolution.
His private investment company, Sealcrest, which manages the 10 syndicates as well as the project management and marketing vehicle Watersun, began in 1991 with the development of medical centres for Prime and has since diversified into residential, commercial office and industrial sectors.
“We started syndicating and developing the Prime centres and the investors urged us to look for other opportunities,” Dr Garside said.
“As a smaller, more nimble group, we’re more focused on individual opportunities where we see them and picking the projects that would be a little more difficult for larger players to take on.”
Dr Garside has managed to form six syndicates in WA, three in Adelaide and one in Melbourne; all comprise high-net worth members.
Projects on the books include the $50 million transformation of the former Swanbourne Hospital site into 52 apartments and 14 residential lots, the $45 million redevelopment of the former Sands & McDougall site in Burswood into an 8,000 square metre A-grade office tower, and a riverfront housing project on the former Channel Seven studios site in Walkerville, Adelaide.
