Weekly Transaction Update - 15th September
This week we recorded 11 major deals for a total value of $372M.
The largest deal confirmed this week was the settlement by Hong Kong based Fund Manager, Euro Properties Group of the purchase of Nine Entertainments' Willoughby site for $147M. The site was acquired under contract from Channel 9 in August 2015, with an approved Part 3A Concept Plan for the site for 400 dwellings. The sale price of $147.0M therefore represents approx $367,000 per apartment.
Over the past 2 years the Euro Properties have attempted to gain support for a higher yield of 510 apartments with an amended DA considered by the State in late 2016 (see link). The amended DA required Willoughby Councils' consent to allow the acquisition of Scott Street (which was previously approved by Council under the previous DA) however Council oppose the further development of the site and are not willing to provide consent to the sale of Scott Street. As a result a further amended DA was submitted in April 2017 to allow Scott Street to remain in public hands however this DA process is now on hold.
There were a number of other deals this week. Scroll through the list below or head to Propel for further details.
* indicates unconfirmed price