Freshwater hopes high

Australand is marketing its last development site in the Freshwater Place precinct — a 3,096-square-metre parcel — and it is expected to sell for about $30 million.

The site is expected to attract strong interest from international developers who have been moving into the city-centre high-density apartment market, according to the article.

Australand says the 'highest and best' use would be a hotel or an apartment tower of at least 70 storeys. The company previously held a planning permit for a 42,000-square-metre office facility but is now suggesting a 71-level, 640-unit apartment block as a more suitable alternative, with an indicative scheme offered by architects Bates Smart.

Yes. Australand had a planning permit to build a 42,000-square-metre office facility on the site, which would have followed two other high-rise commercial towers already in place that total 85,000 square metres.

Australand says a tower of at least 70 storeys would be similar to its signature Freshwater Place residential development next door, and the precinct already contains two high-rise commercial towers totaling 85,000 square metres.

The expression of interest campaign is being run by teams from Colliers International — John Marasco, Matt Stagg and Brett Griffith — and Knight Frank — Paul Henley and Marcus Quinn.

Australand executive general manager Sean McMahon described the 'highest and best' use of the site as a hotel or apartment tower of at least 70 storeys, reflecting the group’s current vision for the precinct.

Everyday investors should note that Australand is moving ahead with plans to exit the high‑rise residential sector by selling its last development site in the Freshwater Place precinct, and that strong buyer interest — particularly from international developers — is expected for a prime, centrally located 3,096-square-metre site valued at around $30 million.