Freshwater hopes high
Australand is looking to sell its last development site in the Freshwater Place precinct for about $30 million as the listed group forges ahead with plans to move out of the high-rise residential sector.
The 3096-square-metre property is tipped to expect strong interest from international developers, who have been staging a major push into the city centre's high-density apartment market in recent years.
Australand executive general manager Sean McMahon said the "highest and best" use for the site was a hotel or apartment tower of at least 70 storeys, similar to its signature Freshwater Place residential development next door.
Australand had obtained a planning permit to build a 42,000-square-metre office facility on the site, which was set to follow two other high-rise commercial towers, totalling 85,000 square metres, that are already in place.
But the developer is now suggesting that 71-level, 640-unit apartment block is more suitable, with the precinct's architects Bates Smart offering an "indicative scheme" as an alternative.
The expression of interest campaign is being run by John Marasco, Matt Stagg and Brett Griffith of Colliers International and Paul Henley and Marcus Quinn of Knight Frank.
InvestSMART FORUM: Come and meet the team
We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.Sign up for free