THIS WEEK’S HIGH-RISE DEVELOPMENTS from Poly Australia …
Recall Poly had departed from its residential apartment pursuits in favour of commercial development as a consequence of the Capital Controls of China discouraging Chinese investing in residential apartments in Australia. But in the second half of 2019 to date there has again been a resurgence of apartment buyers from China and Hong Kong … and this seems to be reflected in Poly’s return to high-rise residential.
And recently Jean Nassif of Toplace has linked up with the troubled Ralan Group … all signs pointing to the NSW Planning Minister, Rob Stokes handing the reins to developers …
This all appears to have been borne out in the 7.30 Report Part 4 on Housing this week! And the push for ever more High-Rise, high density residential development for Sydney !
POLY AUSTRALIA IN SYDNEY CBD; SOUTHERN END …
TRANSACTION INGRID WOODROW THU 13 FEB 20
Poly Pads Out Portfolio with $270m Sydney Buy
Chinese-backed developer Poly has further expanded its Australian footprint with the purchase of a 26-storey office building in the southern end of Sydney CBD for $270 million.
Adding to the company’s growing pool of high-quality residential, mixed use and commercial east-coast assets, the 59 Goulburn Street asset is located near Central Station and offers 19,721sq m of lettable space.
Poly Australia’s senior analyst Ashwin Arumugam said the Goulburn Street asset was “a golden example” of the types of property Poly was looking to acquire as it expands its asset management operations in Australia.
“It’s in a premium location, easily accessible to tenants and allows us some scope to reposition its offerings,” Arumugam said.
“On top of that it’s in an area with significant reactivation plans with the nearby light rail and tech hub, we see the acquisition delivering well into the long term.”
While the building also comes with approval for redevelopment into a 38-story tower, comprising 407 hotel suites and 90 residential units, retail and office spaces, Poly Australia says it has no plans to pursue redevelopment at this time.
Since launching in Australia in 2014, the Shanghai-listed subsidiary of Poly Global has built up a pipeline of more than $2 billion, including a 6.2-hectare site in Brisbane and more than $260 million in Sydney residential projects.
“We are proactively looking for the next opportunity as part of our accelerated growth plans across Australia,” Arumugam said.
The refurbished commercial tower was purchased from SC Capital Partners on behalf of its RECAP Fund, with SC Capital Partners retaining Fortius Funds Management as its local operating partner from acquisition through divestment.
The transaction was negotiated by Colliers International co-agents James Barber, Adam Woodward and James Mitchell along with JLL’s Simon Storry, Rob Sewell and James Aroney.
POLY AUSTRALIA IN BANKSTOWN …
Spring Square: Massive $250m development underway in heart of Bankstown
A multi-million dollar project — at the site of an old RSL — is underway in southwest Sydney.
-the development includes five residential towers offering hudreds of units, shops, a childcare facility and more.
By Tony Ibrahim, Canterbury-Bankstown ExpressSubscriber only|February 14, 2020 6:56pm
The old site of Bankstown RSL has been knocked down to make way for one of the largest developments the area has seen yet.
Spring Square, to be built on a 46,400 sqm site at 32 Kitchener Parade, will have:
– a 14-storey tower with four neighbouring towers of 11 storeys
-with 516 one-, two- and three-bedroom apartments; eleven retail shops, a 684sq m “health services facility” and a childcare centre.
-a basement car park with 714 spaces
Developer Poly Australia purchased the site in 2017 for $53.6m, according to a real estate website. Three years earlier it sold for $13.4m.
-with another $215m for construction costs
‘Poly Australia secured approval from the Sydney South Planning Panel in April 2019. They released 40 apartments at a launch event in November and sold 34 of them within the first few days, the developer said, prompting a second release of apartments.’
-big changes for Bankstown include the Western Sydney University securing approval to build a 19-storey campus worth $260m in the CBD
-and there are plans to develop a six-storey private hospital worth $134m
Construction work on the project is underway and will take place on Monday to Saturday.