JQZ buys former Darrell Lea site in Sydney's Kogarah for apartment project

JQZ buys former Darrell Lea site in Sydney's Kogarah for apartment project
JQZ buys former Darrell Lea site in Sydney's Kogarah for apartment project

Sydney-based developer JQZ has acquired a factory site previously used by the chocolate-maker Darrell Lea in Kogarah, with plans to build more than 550 apartments and townhouses.

Although the price wasn’t disclosed, the deal is believed to be nearly $80 million. JQZ bought the site from Land & Portfolio Pty Ltd - a Lea family company. 

The site at 152-206 Rocky Point Road spans nearly 3.3 hectares, with JQZ proposing to build a mixed-use community that will include four towers with about 550 apartments and 18 townhouses.

Jian Qiu Zhang, founder and CEO of JQZ, said the site was perfect for a new master-planned community.

“Kogarah has been identified as a ‘strategic centre’ by the NSW government.  This community will be perfectly located within two to three kilometres of the major employment hubs of Hurstville and Kogarah,” he said.

“Kogarah is home to St George Bank’s head office, which once its major renovation is complete, should result in 3,000 jobs on the site.” 

Construction is expected to commence in January 2017 and will be undertaken by JQZ’s own in-house building service.

The site was formerly the factory of confectioner Darrell Lea for many decades. Brisbane-based Quinn family of VIP Pet Foods bought Darrell Lea in 2012, but in 2014 they closed the factory and moved the Darrell Lea manufacturing business to Ingleburn in Sydney’s south-west fringe. Since then the factory site has been vacant.

JQZ expects the development will attract investors, first home buyers and downsizers.  

The site is close to schools and educational institutes such as TAFE and transport. Shopping centres, cafe and restaurants are nearby.

Tags: 
New Developments Sydney

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