This article is from the Australian Property Journal archive
ABACUS Property Group has offloaded a residential development site at Campsie in Sydney’s south-west for $49.5 million.
The site at 548-568 Canterbury Rd Campsie was sold with planning approval for a 353-unit residential apartment project.
It is the larger of two residential development sites Abacus controlled, the smaller site at 570-580 Canterbury Rd, which has approval for 86 apartments, remains for sale.
Abacus said in a statement that the proceeds from the sale will be used to repay the $42.1 million loan and leaves only the second site unencumbered.
Abacus has a 50% profit share right in relation to the two residential sites.
“We are also pleased to advise the commencement of settlements of 138 land lots representing stage one and two of a land sub-division at French St Werrington with funds so far repaying senior lenders and $13.4 million of Abacus’ $17.2 million loan (as at 30 June 2016).
“The final 2 stages represent a total of 232 land lots for sale with settlement anticipated in FY18. Abacus has a 25% profit share right in relation to the land sub-division,” the statement said.
Australian Property Journal
