Sydney

Chinese developers inject $40m into Sydney's North Shore

Strengthening demand for medium density housing across NSW has underpinned the sale of three sites on Sydney’s North Shore to Chinese developers for a combined price of more than $40 million.

03 May 2018

Strengthening demand for medium density housing across NSW has underpinned the sale of three sites on Sydney’s North Shore to Chinese developers for a combined price of more than $40 million. 

CBRE’s Asian Services Desk team, led by Danny Shi and Tao Shi, negotiated the sale of the three properties, located in the sought-after Sydney suburbs of Lindfield and Lane Cove. 

The first property, 11-17 Gladstone Parade, Lindfield, is a 3,415sqm site directly opposite Lindfield Public School. Truslan Group purchased the site, which has a development application for 21 townhouses, for $17.5 million. 

Second is a 7,432sqm site at 90-92 Eton Road, Lindfield. Silverstone Group was the successful tenderer for the purchase of this property, which has development approval for 13 three-bedroom detached houses, from Defence House Australia (DHA) for an undisclosed sum. Part of the award-winning masterplanned Crimson Hill community, the property benefits from newly constructed road and services connecting to each of the proposed lots. The property exchanged for an amount in excess of $14 million.

The third transaction was a development approved townhouse development site in Lane Cove. A private Chinese developer purchased the property for around $9 million. 

CBRE selling agent Danny Shi said the sales highlighted ongoing demand for residential development sites on Sydney’s North Shore. 

“The NSW State Government remains focused on boosting medium density development across Sydney in a bid to fill the gap between stand-alone houses and residential flat buildings – perfect for both young families and downsizers,” Mr Shi said. 

“Furthermore, with medium density developments considered to be less risky than apartment projects due to their relatively lower construction costs, there continues to be strong developer demand from local and offshore groups.” 

He added: “These sales highlight the continued focus on this important segment of the residential market – particularly on Sydney’s North Shore where there is a high level of demand for this particular product as an alternative to apartments and larger dwellings.”   
 
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.