This article is from the Australian Property Journal archive
ASX-listed Desane has received planning approval from Inner West Council for a residential apartments project in the Sydney city fringe suburb of Leichhardt, as it moves through due diligence for $100 million worth of investment property acquisitions.
Plans for the Leichhardt site of 2,782 sqm include apartment blocks of four and five storeys with a total of 46 apartments.
“The Sydney city fringe is an area that is attractive to people who are socially mobile and also want lifestyle choice,” Desane’s head of property, Rick Montrone said.
On completion, the Allen St project will have an end value of more than $50 million.
The property is 200 metres from the light rail station at Hawthorne and close to local schools, amenities and other public services including the University of Sydney and the Royal Prince Alfred Hospital at Camperdown.
Montrone said planning approval would allow Desane to move forward with its program of increasing its income value‐add investment and development property portfolio.
“Desane is currently undertaking due diligence for approximately $100 million of investment property acquisitions,” he said.
In June, the group lodged a development proposal of more than 270 dwellings for a 1.2-hectare site in Penrith, and aims to generate employment opportunities associated with the Nepean health hub. It has purchased 91 Thornton Dr, around 500 metres from the Penrith CBD, from UrbanGrowth NSW in 2017.
Last year, it lost a protracted legal battle with the state government over the compulsory acquisition of a Rozelle property that Desane had intended to use for a master-planned mixed use development.
