Developers move on Sydney s north shore

Developers move on Sydney’s north shoreA joint venture between Chinese company New Hope Real Estate Development and Victorian apartment developer VIC Investment Property Group has purchased a rezoned development site at St Leonards, on Sydney’s lower north shore.The Charter Hall Direct Office Fund sold the 3752 sqm site at 0-520 Pacific Highway, which includes an office building owned by the fund, for $1 million.According to Charter Hall, the office asset at 4 Pacific Highway will entitle the fund to approximately 80 per cent of the sale price, which is significantly above book value.”The sale is a positive outcome for DOF investors and is the final non-core asset sale for the fund. A portion of the sale proceeds will be utilized to grow the fund’s Australian office portfolio by investing into high quality, long leased assets,” said fund manager Steven Bennett.The high-profile site has recently been rezoned B4 Mixed Use to allow a 138-metre residential, retail and commercial development with a potential for 4 apartments.CBRE and Colliers International handled the sale.Sydney’s lower north shore has become a focus for residential apartment and mixed-use development in recent times.Mirvac is currently developing 0 apartments at 472-486 Pacific Highway, St Leonards and last week Hong Kong-based Euro Properties entered into an agreement to buy the Channel Nine studios site in Willoughby for $147.5 million.The 2.9ha Channel Nine site has an approved concept plan for the development of up to 400 dwellings in five apartment buildings and two rows of terrace houses.Nine sold the property on the basis of a five-year leaseback, providing time for the network to secure new Sydney premises and relocate.CBRE handled the expressions of interest campaign for this sale.