This article is from the Australian Property Journal archive
TIAN An Australia has bought into the controversial Auburn Square mixed use project, teaming up with Linfield Auburn to deliver a five 10-storey apartment buildings and 4,000 sqm of retail and commercial space on the former Auburn RSL Club site in Sydney’s west.
Tian An (Auburn) Pty Ltd (TAA) and Linfield Auburn (LFA) will both hold 50% participating interests 26-36 & 35 Northumberland Rd. LFA will manage the unincorporated JV and is the current owner of the property, zoned for mixed use development and which has an existing DA approval.
The initial contribution from TAA will be $41.25 million, with a further contribution of $13.75 million if required under the JV terms. Any profits from Auburn Square will be paid firstly to refund TAA’s contribution, and then shared between TAA and LFA.
Auburn Square will have 427 apartments over five towers, plus commercial space,. And will include associated car parking, landscaping, public open space and public domain works.
The RSL closed down in 2015 and Linfield’s plans for the site ended up in court after the developer appealed against Cumberland Council’s rejection of the 12,000 sqm project. The Land and Environment Court granted approval for the development – with six buildings – in September last year.
To fund its obligations, Tian An Australia has secured an extension to its unsecured cash advance facility with its largest shareholder, Oasis Star Limited, allowing it to draw up to a total amount of $92.0 million. The term of the facility has further been extended until the two year anniversary of the execution of the extension.
