Deal of the week: Aqualand to redevelop harbourside tower

In another move by Chinese-backed developer Aqualand, a prime redevelopment opportunity in the Sydney harbourside suburb of Milsons Point has been acquired for $140 million.

The 19-storey Samsung building at 61 Lavendar Street has reportedly been sold by investment company Barana Group to Aqualand, which is backed by Shanghai property group Shenglong.

There is development approval for a 20-storey tower on the site with 135 apartments that will feature sweeping harbour views.

Aqualand has been active in the Sydney market for several years and has developed luxury residential projects such as The Revy on Darling Island, opposite Barangaroo, and Lindfield Village and The Heyson at Turramurra on Sydney’s upper north shore. 

It recently received planning approval for a development of 415 apartments at 168 Walker Street, North Sydney, a site it purchased last year for $157.5 million.

The company also purchased the CSIRO headquarters in North Ryde in 2014 and owns a three storey commercial building in Herbert Street, St Leonards with future development potential.

According to a report in the Australian Financial Review, Aqualand is also part of a consortium, with Scentre Group and Grocon, tipped to develop the $2 billion Barangaroo Central site for the NSW Government.