This article is from the Australian Property Journal archive
MIRVAC, a Charter Hall joint partnership with Fraser Property Group are believed to be the finalist for Sydney's Kent Street Brewery Site.
Industry sources told Australian Property Journal yesterday, the list of 12 bidders announced earlier this month, has now been narrowed down to two finalists.
Mirvac, Lend Lease and Macquarie Bank were the early favourites vying for the 5.8 hectare site, however, sources said the latter two bidders have not been successful.
Meanwhile, a Charter Hall/Fraser Property partnership appears to be have slipped under the radar and sources said is now a finalist to develop the 57,873 sqm site.
Fraser Property is headed by Dr Stanley Quek. The group is a subsidiary of Fraser and Neave, a Singaporean based company with property, publishing and printing interests in the United Kingdom; Asia; Australia and New Zealand.
Fraser and Neave also own several food and beverage brands, including Tiger and Heineken beers.
The Kent Street Brewery site is also expected to fetch around $210 million, which confirms what Foster’s spokesperson has told Australian Property Journal that it expects the site to fetch upwards of $200 million.
The site was last valued at $203 million – the price tag placed by Australand in 2003 when it negotiated to buy the site. However, in March 2005 Australand and Foster’s – then Carlton and United Beverages, mutually agreed to terminate their contract.
Kent Street Brewery is the largest redevelopment site on the fringe of Sydney CBD. A concept plan has been approved by the New South Wales Planning Minister Frank Sartor for a 235,000 sqm development.
The conditional plan approved is for a $2 billion mixed-use development, estimated to potentially include 1,666 residential dwellings over 90,000 sqm of combined commercial/retail space and over 2,000 car spaces.
Marketing agent, Colliers International’s NSW state director of investment Sales Jon Chomley and John Marasco are jointly handling the transaction on behalf of Foster’s and the Kent Street Brewery committee set up by Minister Sartor.
Australian Property Journal
