This article is from the Australian Property Journal archive
AVEO Group has sold three of the four remaining development sites at its Gasworks development in Newstead, Brisbane for $40 million.
Stage B known as Skyring Towers, was acquired for $16.5 million by a company associated with wellâ€known local developer Tom Dooley Developments (TDD). Settlement is scheduled for November.
Stages C & D known as Festival Towers was acquired by another local developer for $23.35 million with settlement scheduled for June 2015. The sites are expected to yield between 550 and 650 apartments on completion.
The sales were brokered by CBRE. The sole remaining residential site at Gasworks for sale is PB1, which Aveo Group is currently marketing for sale.
TDD managing director Tom Dooley said planning is well under way for a 25 storey mixed use development.
“This site marks a natural progression from the Gasworks shopping precinct which includes a Woolworths and other quality retailers so we will definitely have a retail component to extend onto what has been the launch of a very successful retail destination,” he said.
“We are hoping to go to the market in May with a range of high quality apartment product,” Dooley said.
The sales are part of Aveo’s strategy of divesting non-core assets as it focuses on becoming a pure play retirement group.
Aveo has retained Stage E, the residential tower above Gas 1, which is being considered as a potential new retirement complex.
“Not only are these disposals entirely consistent with Aveo’s strategy of divesting all nonâ€retirement assets as we transform to become Australia’s leading pure retirement group, but they will add amenity and value to the Gasworks commercial precincts, including our very successful Gasometer 1 retail and commercial complex,” Aveo CEO Geoff Grady said.
The sales increase the total value of nonâ€retirement asset disposals in FY14 to $196 million. The group continues to target net debt being below $350 million by 30 June 2014.
Property Review
