This article is from the Australian Property Journal archive
TIAN An Australia Limited (ASX:TIA) has entered a joint venture partnership with residential property development company LFD Chatswood to deliver a mixed-use project.
The mixed-use development at 5-9 Gordon Avenue, Chatswood in Sydney’s Lower North Shore, around 10km north of the CBD, will comprise around 82 luxury apartments and 1,530sqm of retail and commercial space.
The development will also include associated car parking, landscaping, publicly accessible open space and other public domain works.
The property is owned by LFD Chatswood Pty Ltd (LFC) and is currently zoned for mixed-use development, with LFC to also be responsible for the day-to-day management of the project.
Changes to the site were approved in March this year, with 5-9 Gordon Avenue being rezoning from R3 Medium Density Residential to B4 Mixed Use.
The development site also saw its height limit increased from 12 metres to 90 metres and floor space ration from 0.9:1 to 6:1 in the amendment made to the Willoughby Local Environmental Plan 2012.
The project will undergo a design competition to determine the vision for the development.
Tian An Australia has secured an increase to its unsecured cash advance facility with Oasis Star Limited, in order to meet its funding obligations for the Chatswood Project.
TIA is currently able to drawn down up to a total amount of $140.0 million under the cash advance facility, in order to successfully cover the costs of its initial commitment under the project and general working capital.
