This article is from the Australian Property Journal archive
FRASERS Property is set to undertake the largest urban redevelopment project in Sydney – not seen since the Sydney 2000 Olympic Games, after buying the Kent Brewery site in Sydney for $208 million from the Foster's Group.
Frasers bought the property in a competitive bid which came down to two finalists, the runner up was Charter Hall.
The 5.8 hectares of land has been sold with concept approval for a mixed residential, office, retail, entertainment and dining precinct.
Frasers Property’s chief executive Dr Stanley Quek said the acquisition will doubles Frasers’ property portfolio in Australasia with over 5,500 homes valued in excess of $4 billion in residential property, Lumiere, Lorne Killara, City Quarter in Sydney and residential subdivision in Western Australia and New Zealand.
The concept masterplan of the CUB redevelopment was approved by New South Wales Minister for Planning Frank Sartor in February this year for the development of 235,000 sqm of floor space made up of approximately 60% residential apartments and 40% commercial and retail areas.
More than 1,600 residential apartments and over 90,000 sqm of commercial and retail space will be built on the site over the next six to eight years.
“Acquisition of the CUB site, which constitutes the single largest remaining development site in the city fringe, is testament to Frasers’ confidence in the Sydney market.
“There is already a strong level of interest for the proposed office space which will front Broadway,” he added.
The mixed-use site is expected to have an end value of $2 billion and will include a new serviced residence, to be known as Fraser Place and run by Frasers’ sister company, Frasers Hospitality.
A number of high quality heritage buildings at the site will be retained and refurbished to add character to the precinct and the redevelopment.
Foster’s chief executive Trevor O’Hoy said the acquisition by Frasers represents an opportunity for a new lease of life for this 160 year old brewery site.
The site, the former home of the Tooth and Co. and Carlton & United Breweries, was built on Blackwattle Creek in 1835. The brewery ceased operation in early 2005.
The sale is expected to be settled by June 30, 2007. Construction is expected to start early 2008.
Frasers Property 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.
Australian Property Journal
