This article is from the Australian Property Journal archive
ST Hilliers Property has bought the Caritas healthcare facility site in Darlinghurst for $20 million from St Vincent's Hospital.
Located at 299 Forbes Street, the prime residential development site is bounded by Bourke and Burton Streets. The site is approximately 4,500 sqm in area and is currently occupied by the Caritas healthcare facility operated by St Vincent’s Hospital.
The sale was recently settled with vacant possession of the site to be provided in September 2010.
St Hilliers acquired the site with concept plan approval for a residential and commercial development incorporating a number of heritage buildings on the site, which will be restored and adapted for re-use. The development will incorporate 120 apartments comprising a mix of one, two and three bedrooms as well as commercial retail space.
St Hilliers’ chief executive Tim Casey said Darlinghurst is one of the most highly sought after areas in the inner Sydney residential market and sites the size of the Caritas site were rarely available in one line.
“Darlinghurst has broad appeal for those wishing to capitalise on lifestyle opportunities and is now seen as a viable alternative to Elizabeth Bay. The precinct has many amenities within walking distance including the CBD, entertainment and restaurants venues along nearby Oxford Street as well as major sporting facilities such as the Sydney Cricket Ground and the Sydney Football Stadium.”
“Our market for this development will be owner/occupiers, who are professionals or empty nesters. We will be catering for their needs by providing spacious, over sized apartments with high quality finishes,” he added.
Casey said following the closure of St Hilliers fourth property fund, which raised $200 million of equity from two of Australia’s major superannuation funds, the company may look to launch a residential property development fund in the near future.
“The Caritas property is a quality asset and could potentially be a seed asset for a medium-density residential fund. We are looking to acquire assets with income streams of two to three years, which would provide an income phase while planning development approvals are sought,” he continued.
St Hilliers is currently targeting residential development opportunities within a 5 km to 6 km radius of the CBD of Sydney and Melbourne.
Australian Property Journal
