Weekly Transaction Update - 27th July
This week we recorded 21 major transactions worth $414m.
South West Sydney continues to attract high interest from house and land developers and whilst Moss Vale is considered to be well outside the Sydney basin, China Aoyuan Property Group have paid an impressive $100M for 123ha of land ($813k/ha). The site was rezoned for residential uses in April 2018 and Aoyuan propose to deliver land lots from 400 sq m to 2000 sq m. The developer, which is backed by its parent, the Hong Kong listed China Aoyuan Property Group, debuted in Australia in 2015 to convert an ageing office tower at 130 Elizabeth Street into a luxury apartment project ONE30 Hyde Park.
Regional Victoria also scored this week with the sale to a local private investor of two adjoining buildings in Ryrie Street Geelong. The two buildings containing 8,300sqm of NLA were sold for $40M, representing a price of $4,819/sqm and a yield of 7.8%.
Also this week, Pace Property Group secured a 8,767sqm development site in Blackburn for $23.8M. The site is approved for 4 towers of 6 to 8 levels containing 263 apartments above a podium. The purchase price equate to $90,490 per apartment.
Scroll through the list below or head to RE-Intel for further details.
* indicates unconfirmed price or apportionment of a portfolio sale