Expert insights Payce and Sekisui sell Wentworth Point site to Piety Invesments Investing Payce and Sekisui sell Wentworth Point site to Piety Invesments Payce and Sekisui sell Wentworth Point site to Piety Invesments

Payce and Sekisui sell Wentworth Point site to Piety Invesments

Payce and Sekisui sell Wentworth Point site to Piety Invesments
Jonathan ChancellorDecember 7, 2020

The listed developer Payce Consolidated, and its Japanese partner Sekisui House, have sold their Wentworth Point site on Sydney's Parramatta River for around $100 million.

Payce advised on Friday that a put and call option had been executed with a non-refundable call option fee.

It is suggested the buyer is Piety Investments, the boutique developer and asset manager.

The site has concept plan approval for 678 units. 

The Piety deal was brokered by James Bellew of Colliers International, according to the Australian Financial Review.

Piety managing director Bilal El-Cheikh owns and manages WK Quantum Quartz, the wholesale and distribution company in Australia specialising in marble and granite products. 

Piety, backed by a Malaysian-based partner, has a $210 million development at Lane Cove, due for completion in December, will comprise 270 apartments.

There is also a $200 million mixed-use project at Hurstville, known as Imperial.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
Tags:
Development
Parramatta

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