This article is from the Australian Property Journal archive
DEVELOPER Apex Property has acquired a Lane Cove residential development site for $19.75 million.
The property at 84-90 Gordon Crescent Lane Cove North, was sold by Jeff Moxham and Scott Timbrell of Ray White Commercial, inconjunction with CBRE’s Ben Wicks.
Moxham said Apex is preparing to submit a development application for 85 apartments.
The sales team amalgamated the separate sites of 1,119 sqm, 971 sqm, 917 sqm and 785 sqm, over a period of four months.
“This resulted in a total land area of 3,792 sqm and the sale price of $19.75 million equates to a rate of $5,208 per sqm of land,” Timbrell said.
“The sale of this site is another reminder to a supposedly cautious market that demand remains strong for development sites throughout Sydney,” Moxham said. “It also indicates that developers are still prepared to pay a strong market price for A-class developments.”
Australian Property Journal
