Chinese developer buys mixed use Homebush site for $15.5 million

Chinese developer buys mixed use Homebush site for $15.5 million
Chinese developer buys mixed use Homebush site for $15.5 million

A private developer from Beijing has purchased an approved site for a 12-level mixed use building for $15.5 million from Sen Yuan Development.

The building at 139-145 Parramatta Road, Homebush can house 80 residential apartments and six ground floor shops.  

It is a high-density mixed use development site spanning 2,330 square metres with 118 car spaces. 

There is development application approval for 6,874 square metres of total gross floor area. The holding has a two-storey brick showroom, a single-storey car workshop and shed structures. 

The property was sold through Dominic Ong of Knight Frank.

“The offshore developer saw this as a prime investment for Sydney's growing population and chose this site in part due to the currently strong residential market and also because the site is DA approved; so there is no planning risk and pre-sales can commence immediately,” said Dominic Ong, Knight Frank’s senior director, head of Asian markets, capital markets.

Tags: 
Development Commercial Sale

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