This article is from the Australian Property Journal archive
PAYCE Consolidated has offloaded a waterfront development site at Wentworth Point in Sydney's inner west for $100 million, taking the tally of site sales across Sydney in the past week to $270 million.
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Payce has a 50% interest in the property along with Sekisui House.
Located at Burroway Rd, the site occupies a prime north facing position right next to Sydney Olympic Park Ferry Wharf. It was previously earmarked for a residential apartment development comprising over 600 units.
Meanwhile Chinese developer Greenland Group bought two development sites at, the Crown Hotel at 295 Church St Parramatta and the old Crest Hotel in Potts Point from Iris Capital for approximately $170 million.
The Parramatta property was earmarked for a 200-unit apartment development whilst the Potts Point property has approval for 139 apartments.
Colliers International handled the off-market transactions. The Potts Point property was acquired by Iris Capital in 2012 for $65 million.
Australian Property Journal
