Michael Fox forms CostaFox on back of leaving Little Projects

Michael Fox, former Managing Director and Founder of Little Projects, has signalled a new entry into the property market with partners, Costa Asset Management, to create CostaFox Developments, a new dynamic property development company that brings together more than 30 years combined property industry experience.

In just one month of operation, CostaFox has already acquired a number of key development sites including a trophy waterfront property in Bower Street, Manly which was purchased for $13.1 million at a liquidator’s auction, following a previous sale in late 2015 for more than $16.3 million.

The 1,189 square metre site was acquired with plans and permits for a four level luxury residential building comprising six apartments and has been designed by internationally award-winning architect Koichi Takada, the team behind Sydney’s East Village by Crown Group.

The development is located in one of the most prestigious streets in the Northern Beaches and will enjoy stunning vistas over the ocean as well as Shelly and Manly beaches. The apartments are expected to be priced at around $7 - $8 million each.

CostaFox Managing Director, Michael Fox, said, “following success in the luxury residential market in Melbourne, we have identified an opportunity to create something special in Sydney. It’s rare to find an opportunity to buy a 300 square metre apartment in such an incredible location.

“I am delighted to have teamed up with Robert Costa, and together our aim is to build a large international property development business.

"Costa is a significant behind-the-scenes private equity provider in the property market and we have a shared vision to create an internationally renowned property development business.“We are actively seeking development opportunities in all markets with a focus on luxury residential and industrial.”

Costa Asset Management is headed up by Robert Costa, part of a prominent Geelong family whose agriculture business was floated on the ASX in July 2015 and now has a market capitalisation of around $840 million.

Costa holds a significant land holding of more than 106 hectares (or over 1,500 lots) in Lovely Banks, a new residential suburb just outside of Lara, near Geelong, Victoria which is currently in planning.

Fox, who recently joined the Board of UDIA Victoria, delivered around 2,000 apartments across six years during his time at Little, as well as several commercial and industrial projects. Prior to that Fox was Director of Property at Toll Holdings for more than 12 years.

In his role as Managing Director at Little, Fox led his team to win several industry awards including the API Heritage Award for the Tip Top redevelopment in East Brunswick, which also won the prestigious UDIA National Award for Best Urban Renewal Project in Australia.

Little’s Ilk development in Toorak Road, South Yarra was also awarded the UDIA’s Best Medium Density Development Award under Fox’s leadership.

CostaFox also expects to submit a planning application for a mixed-use residential site on Bay Street, Port Melbourne expected to comprise approximately 70 apartments.