Grocon sells Epping site to Chinese developer, Zhengtang

Grocon sells Epping site to Chinese developer, Zhengtang
Grocon sells Epping site to Chinese developer, Zhengtang

The private Australian developer Grocon had onsold its Epping, Sydney residential development site for $60 million.

It had paid $56.5 million last September for the residential site which was set to be its first high-density apartment project in Sydney in 15 years. 

The site at 30-42 Oxford Street did not have development approval on its purchase by Grocon who expected to yield around 280 apartments with an end value of $250 million.

It lodged plans with Hornsby Shire Council to build a 16-level tower.

Grocon, which has a big presence in Melbourne, had been trying to get exposure to Sydney's housing market for some time, its head of development Dan McLennan advised on purchase.

But three months on it has been onsold.

The Uniting Church sold its lot to Grocon for $28.25 million which was then sold at $30 million. The three other lots, bought at $9.4 million, were offloaded at $10 million each to Zhengtang Epping Holdings Pty Ltd.

The Epping development site would have been the first time Grocon undertook a high-density apartment development since The Cove project in The Rocks in 2000. 

The site was an amalgamation of four lots, initially brokered by Sam Brewer and Ben Hunter of JLL. 

JLL had sold $166 million worth of development sites in Epping, located in Sydney's north-west, in a six month period last year. The suburb, where large tracts of land have been rezoned, is set for major transformation with the NSW government planning to create 3750 new homes by 2031.

Zhengtang's ony other known Sydney acquistion was late last year when the company headed by Nicho Teng bought the $60 million Skyline development site at St Leonards. It has had an Adelaide project, West Franklin underway, ranked as Adelaide's largest with 500 plus apartments set for construction.

Jonathan Chancellor

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.

Development Site Epping

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