Fridcorp sells empty half of Eve, Erskineville project site

Fridcorp sells empty half of Eve, Erskineville project site
Fridcorp sells empty half of Eve, Erskineville project site

Luxury apartment developer Fridcorp, and its partner Wingate, have sold a Sydney apartment site adjoining the EVE development in Erskineville.

Set in inner city Sydney's Erskinville, it sold for more than double the purchase paid less than a year ago.

The offshore-backed B1 Group has paid just under $70 million to secure the 1.2 hectare site which could accommodate around 230 units. 

Despite the sale, the Melbourne-based Fridcorp says it is "no site-flipper" with fresh plans held by Sydney managing director Paul Fridman.

It is only the second project site Fridcorp has sold in its two decades. Its Melbourne projects often saw joint partners with previous alignments including Trafalgar Corporate and the Crawford Group. 

 "We are committed to our growth in the Sydney market and together with Wingate have seen great success from the launch of Eve in Erskineville and will continue to explore more opportunities here," he said. 

Fridcorp bought the two parcels of land in October last year. 
 
Together with the site where EVE is being built it paid $56 million, with the recently sold unbuilt EVE site accounting for nearly half of that sales figure. 

EVE was Fridcorp's first Sydney development, a sell-out success with all 197 apartments sold off the plan.

The $145 million development is due for completion next year. 

The Sydney-based B1 Group, headed by Anne Bi, already has a number of existing Sydney residential projects but was keen for an inner-city site. 

The deal was brokered by McGrath Projects agents Steven Chen and Michael Chen who negotiated the sale for their buyer within a 48-hour period.  

Paul Ephron, who heads the sites & acquisitions within McGrath Projects, had the off-book listing.

The northern part of the site has approval for 112 apartments and 17 townhouses and the section at the rear comes with an approval pending for 93 apartments. 

Fridcorp’s first Sydney project, Eve, included one, two and three bedroom apartments, situated on the corner of Eve and Macdonald Streets.

With interiors from Hecker Guthrie and DKO Architects, Eve is 250 metres from the train station and 10 minutes to the CBD.

It includes views of Sydney Park to the CBD, wide frontages and balconies, storage space and a communal rooftop leisure deck with private central courtyard.

One bedroom, one bathroom apartments were priced from $525,000; two bedroom, one bathroom apartments from $750,000; two bedroom, two bathroom from $780,000; three bedroom, two bathroom from $1.1 million. 

Tags: 
Sydney Development

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