This article is from the Australian Property Journal archive
LUXURY hotel owner and operator Stamford Land Corporation has paid $23.7 million for a 10,000 sqm development site in Sydney's inner western suburbs.
Stamford owns and operates a portfolio of Stamford Hotels across Australia, comprising Stamford Plaza Melbourne, Stamford Plaza Adelaide, Stamford Grand Adelaide, Stamford Grand North Ryde, Sir Stamford Circular Quay, Stamford Plaza Sydney Airport and Stamford Plaza Brisbane
Stamford also has a property development business and has bought the freehold properties at 2-24 Grove St and 60-64 Constitution Rd Dulwich Hill which has been earmarked for a mixed use medium density project.
Stamford’s executive director Ow Yew Heng said the acquisition is part of the company’s continuing focus on developments, located in niche, well sought after locations.
When fully developed, the freehold 10,000 sqm site is expected to yield over 250 apartments.
“We are pleased to embark on this exciting new residential development, which is well-timed to ride on and complement the excellent suburban lifestyle quality and amenities of the Dulwich Hill precinct. We intend to actively seek out similar niche, choice sites that are highly sought after, for quality residential development.
“The site (recently re-zoned for residential use) is optimally located in Sydney’s inner-west area, a highly sought after residential area with limited future supply. A new light rail station (located immediately adjacent to the site) is now under construction and scheduled for completion by 2014,” he added
This is the company’s fifth residential property development in Sydney, including The Stamford Residences & The Reynell Terraces on Gloucester St at The Rocks and the Stamford Cosmopolitan at Knox St Double Bay, which is currently selling.
It has completed and sold out projects, Stamford on Kent and 187 Kent and Stamford Marque, both on Kent St in Sydney’s CBD.
Property Review
