Chinese residential developer defaults on Everton, Pymble project

Chinese residential developer defaults on Everton, Pymble project
Chinese residential developer defaults on Everton, Pymble project

A local developer has paid a reported $32 million for the Everton, Pymble residential development site after a development syndicate of Chinese buyers failed to settle.

The development syndicate blamed capital transfer constraints in China, according to Fairfax Media.

NSW Land & Environment Court approval was secured in July 2016 by BFD Pymble's solicitors, Lin Tang & Co Lawyers for the project.

The site at 2-8 Pymble Avenue and 2-4 Everton Street had most of its construction certificate works completed.

Chinese residential developer defaults on Everton, Pymble project

It has been approved for 98 apartments over three buildings with 156 basement parking spaces.

The design was done by the architects, Become.

Savills' Neil Cooke marketed the site with colleagues Stuart Cox and Johnathon Broome which attracted interest from around 20 developers.

The property is zoned R4 High Density Residential under the Ku-Ring-Gai LEP 2012 with a height limit ranging between 11.5 and 17.5 metres and a blended FSR of 1:1.

The apartments are expected to come to market early 2018.

 

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Chinese Investment Housing Developer

Comments

Be the first one to comment on this article
What would you like to say about this project?