What CostaFox Developments does

MONNO (formerly CostaFox Developments) is a Melbourne-based boutique real estate developer founded in 2013 and rebranded around 2022. The company pursues institutional-scale, design-driven property projects across Greater Melbourne, the Bellarine Peninsula, and selectively in New South Wales, operating with a deliberately small team (1–10 employees) on a focused portfolio rather than a high-volume model.

The development pipeline aggregates to approximately $1.25 billion in gross development value across luxury residential (Stella Maris at $125–$130m in Geelong Rippleside, Bower on Sydney's Northern Beaches), build-to-rent (Lorimer at $350m in Docklands), mixed-use precincts (Tea House at $280m in Southbank, Moorabool at $75m in Geelong CBD), and commercial office product (Encore and Everlane in Cremorne). St Helen's Mansion represents a private heritage residence. Revenue is realized through off-the-plan unit sales, build-to-rent rental income (post-Lorimer completion in late 2027), and commercial leasing. Distribution is anchored by selling agents including McGrath Projects and Whitford Property for residential; the Lorimer BtR is operated under joint venture with Local Residential, Australia's largest BtR platform with 3,246 apartments under management.

Differentiation rests on architectural pedigree — collaborations with Snøhetta, Koichi Takada, Rothelowman, Carr Design, Mim Design, Fieldwork, and JCB Architecture — and on heritage restoration and sustainability credentials such as the Lorimer target of an 8.5-star NatHERS rating (highest for any BtR asset nationally) and fossil-fuel-free specifications. Capital is sourced institutionally on a per-project basis rather than via continuous venture or growth-equity rounds; key siting decisions (Lorimer 2017 purchase for $17.8m, Tea House 2020 purchase for $28m) demonstrate deliberate, multi-year land-banking.

Name

CostaFox Developments

Legal name

MONNO

Website

https://costafox.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

MONNO is a Melbourne-based boutique property developer that delivers institutional-scale, design-led residential, commercial, build-to-rent, and mixed-use projects across Greater Melbourne, the Bellarine Peninsula, and select NSW sites, sourcing world-renowned architects and institutional capital on a per-project basis.

Ownership category

akta.pro rank

Product category

Luxury Real Estate Development

NAICS

Management of Companies and Enterprises (55111)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Urban Planning & Master Planning (BPAHAKAD)

akta.pro secondary industry

Landscape Architecture & Site Design (BPAHAKAC)

Keywords

• Luxury property development
• Real estate development
• Build-to-rent housing
• Mixed-use developments
• Heritage property restoration

Headquarters

HQ city

Southbank

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Property Development Sales: MONNO generates revenue through the development and sale of residential apartments, townhouses, commercial spaces, and mixed-use properties. Projects include luxury waterfront residences (Stella Maris), boutique residential (Bower), commercial buildings (Encore, Everlane), build-to-rent (Lorimer), and mixed-use developments (Tea House, Moorabool). Revenue is realized through off-the-plan sales, completed property sales, and long-term rental income from build-to-rent assets.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

CostaFox Developments (operating as MONNO) is an opportunistic, institutional-scale real estate developer focused on design-driven property projects in premium Australian locations. The company develops luxury waterfront residences, boutique residential apartments, build-to-rent towers, heritage-integrated mixed-use precincts, premium commercial offices, and select industrial sites, taking on only a handful of projects at a time to deliver singular quality outcomes through partnerships with world-renowned architects.

Product overview

MONNO (formerly CostaFox Developments) is an opportunistic real estate developer offering institutional-scale design-driven property projects. The portfolio spans multiple product categories: Residential developments (Stella Maris, Bower), Commercial buildings (Encore, Everlane), Build to Rent (Lorimer), Mixed-Use developments (Moorabool, Tea House, Ocean Grove, Port Melbourne), Industrial sites (Indwe Park, Epping), and Private Residences (St Helen's Mansion). The company operates a focused approach, taking on a limited number of projects to deliver singular quality outcomes across premium Australian locations.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 80% of Stella Maris residences sold off-the-plan, including record $5.95m sale
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core and supporting.

• Local ResidentialcoreStrategic or Co-development Partner · 1 January 2025Local Residential partnered with MONNO in 2025 to deliver the $350 million Lorimer build-to-rent tower at Docklands. The partnership is structured as a joint venture where Local partners with the developer and landowner to realize the project together, departing from typical turnkey-style transactions. Local operates the asset as Australia's largest build-to-rent platform with 3,246 apartments under management.
• Ireland Brown ConstructioncoreOthersIreland Brown Construction was appointed as lead building contractor for the Stella Maris project. The builder has a proven track record including Quest Central Geelong and stages three and four at Balmoral Quay at Rippleside. The partnership emphasizes local connection, quality build outcomes, and support for local trades and employment.
• RothelowmancoreStrategic or Co-development PartnerRothelowman is the lead architect for Stella Maris, designing the 55 residences across four contemporary buildings pinwheeled around the heritage mansion. They conceptualized the master plan with apartments, duplexes, and townhouses integrated into lush surroundings.
• Carr DesigncoreStrategic or Co-development PartnerCarr Design was engaged to restore the St Helens mansion and design a contemporary rear addition. They are tasked with returning the heritage building to its former glory as a single coastal residence paired with modern amenities.
• SnøhettacoreStrategic or Co-development PartnerWorld-leading Norwegian architecture practice Snøhetta designed the Tea House redevelopment. The $280m project includes seven integrated buildings ranging from three to 30 levels surrounding the heritage Tea House, anchored by a 221-room luxury hotel.
• Koichi TakadacoreStrategic or Co-development PartnerWorld-renowned architect Koichi Takada designed the Bower project - six luxury residences on Sydney's Northern Beaches. The design emphasizes natural elements of stone, timber, and glass with panoramic ocean views.
• FieldworkcoreStrategic or Co-development PartnerFieldwork Architects designed Everlane, a 9-level commercial building in Cremorne with lush greenery and terracotta-toned materials, capturing synergy of exceptional architecture and amenities.
• Mim DesigncoreStrategic or Co-development PartnerAward-winning interior designer Mim Design handled interiors for Bower and Everlane projects, reflecting prestige and sophistication in residential and commercial spaces.
• JCB ArchitecturecoreStrategic or Co-development PartnerJCB Architecture designed the Moorabool development in Geelong CBD - a 12-storey carbon-neutral tower with heritage-inspired brick facade paying homage to the city's industrial woolshed heritage.
• AcrecoreStrategic or Co-development PartnerAcre is the landscape architect for Stella Maris, designing textured gardens that mediate between private interiors and Corio Bay, complementing heritage trees over 100 years old.
• Jackson Clements Burrows ArchitectssupportingStrategic or Co-development PartnerJackson Clements Burrows Architects collaborated with MONNO on the Moorabool Street project, achieving a 12-storey permit that exceeded the 21m preferred height limit.
• Hip V Hype SustainabilitysupportingStrategic or Co-development PartnerSustainability consultancy providing environmental design consultation for the Moorabool project, helping achieve carbon-neutral certification and 7.5+ star NatHERS rating.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Stockland: One of Australia's largest diversified property developers with a national residential and retirement-living portfolio. Overlaps with MONNO on master-planned residential communities but operates at materially greater scale.
• Cbus Property: Australian institutional property developer (Cbus Super fund-owned) developing premium office, residential, and mixed-use projects in Melbourne and Sydney. Comparable design-quality positioning and CBD/waterfront site focus to MONNO.
• Lendlease: Major Australian-headquartered global property and infrastructure developer with large-scale residential, commercial, and mixed-use projects. Overlaps with MONNO in premium urban precincts but at materially greater scale and diversification.
• Walker Corporation: Large Australian private property developer with master-planned residential, commercial, and mixed-use precincts across Sydney, Melbourne, and Canberra. Overlaps with MONNO on large-scale mixed-use precincts (e.g., Tea House scale) but operates a broader portfolio.
• Mirvac: One of Australia's largest diversified property developers with residential, commercial, and build-to-rent portfolios across the eastern seaboard. A scaled incumbent against which MONNO competes for premium residential land, but with vastly broader geographic and product exposure.
• Brookfield Multiplex: Major Australian construction and development business delivering large-scale commercial, residential, and mixed-use projects. Compares to MONNO at the high end on project scale (e.g., Lorimer-equivalent towers) but with broader geographic and product exposure.

Direct peers

• Hickory Group: Australian boutique-to-mid-tier developer and builder delivering residential, mixed-use, and student accommodation with design-focused positioning. Comparable vertically integrated model and similar project size range as MONNO.
• Hamton Property Group: Boutique Australian residential developer delivering design-driven apartment and townhouse projects across Melbourne, Geelong, and Torquay with selective project cadence. Comparable regional Victoria footprint and luxury buyer target to MONNO's Stella Maris and Moorabool.
• GURNER: Australian boutique luxury developer focused on ultra-premium residential projects in Melbourne and Sydney with design-led branding and selective project counts. Closely comparable to MONNO in scale, philosophy, and buyer demographic.
• Aqualand: Sydney-based boutique luxury residential developer with a design-driven, selective-project model focused on premium Sydney and Melbourne CBD waterfront sites. Operates at similar institutional-scale project size to MONNO.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/costafoxdevelopments
• LinkedInlinkedin.com/company/costafox-developments-pty-ltd
• Instagraminstagram.com/monnoprojects

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CostaFox Developments