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Case Study Residential: Park Sydney, Erskineville

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Vendor: Greenland and Golden Horse
Purchaser: Coronation Property Co Pty Ltd

The Property
Located in the vibrant yet relaxed suburb of Erskineville, Park Sydney’s inner Sydney apartments are nestled just 4km from the CBD and only two train stops from Central Station and the proposed Tech Central. The landmark multi-stage development opportunity with stage 1 concept approval for the development of five buildings with 78,029m2 GFA* with an established process to increase this to 85,831m2 GFA* through the Design Excellence process.

The almost 4.5-hectare property is one of Sydney’s largest concept-approved residential development sites. The concept includes substantial retail space, recreation areas, new pedestrian links and cycleways that will complement the precinct and residential lifestyle.

The Challenge  
The sheer scale of the property and typical locational environmental issues within the precinct was a concern to some buyers. As negotiating time frame extended, changing market conditions provided some further headwinds. In addition, the vendors requirement to keep one future stage, provided many sequencing complexities relating to construction access, development consent and the voluntary planning agreement. 

Colliers worked with both buyer and vendor teams to work through the complex issues to arrive at a successful outcome.

The Outcome
The off-market campaign resulted in eleven offers totalling more than $3 billion. The final outcome resulted in a contract price of $315,000,000 and settlement in six months.

 


Related Experts

Guillaume Volz

National Director | Residential

Sydney

Guillaume is recognised as one Sydney’s leading agents that specialises in the sale of Residential Development sites.

Having sold some Sydney’s iconic residential development sites in recent years, Guillaume’s reputation and experience as a proven performer has earned him the respect and confidence of his clients and peers.

Guillaume is actively involved in assisting clients with acquisition and divestment strategies that requires a detailed knowledge of the project marketing and sales environment, as well as expertise in planning requirements and feasibility analysis.

With an established network of Asia Real Estate investors, Guillaume is part of the Colliers China Outbound Investment Group.

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Eugene White

Director, Development Sites | Residential

Sydney

Eugene has over 20 years experience in the property and construction industries including extensive experience with a major publicly listed developer and in the funds management environment. Eugene has extensive experience in large range of projects in various capacities including senior development and project management roles. He has been involved in many landmark complex developments such as Hayman Island, Discovery Point, Honeysuckle Newcastle, Port Coogee WA, King Street Wharf, Jackson Landing and Citibank Centre Sydney.

Eugene holds a deep understanding of property markets, development opportunities and construction projects established through extensive experience and involvement with a wide range of large scale property development projects from management positions and at the coal face.

He has managed most facets of development projects from inception to disposal. This includes acquisition, disposal, brief planning, feasibiliies, engagement of consultants, obtaining aprovals, marketing, sales and leasing. Eugene’s sales experience was founded with asset acquisitions and asset sales for a private fund manager. His diverse experience will assist clients to achieve success.

 

 

 

 

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Henry Burke

National Director, Development Sites | Residential

Sydney

Henry is a real estate sales expert that has worked in the industry for over ten years. During this time Henry has actively marketed and sold over $2.0 Billion worth of real estate across various asset classes including commercial office, industrial, retail, freehold and strata investment properties and commercial and residential development sites.  

With close relationships in the development and construction industry and having worked across multiple asset classes during his career Henry now specialises in the marketing and sales of Residential Development Sites.

Henry specialises in the Sydney Metropolitan region with a close focus on the North Shore and Northern Beaches of Sydney. Always one step ahead of the market Henry has a strong understanding of Council Governance and has been instrumental in rezoning initiatives throughout the Sydney Metropolitan Region where he has been able to maximise land values for many owners. 

His enthusiasm and passion for the property industry coupled with his extensive knowledge of the industry and a strong network of developer, investor and property consultant contacts has attributed to becoming one of Sydney's most active real estate agents.

Specialisations;
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Joseph is the National Director, Asia Markets based in the Sydney CBD Investment Services team. He has a key focus of working with Asian Ultra-High-Net-Worth investors and institutional capital partners, having previously facilitated multiple high-profile domestic and cross-border transactions in and from Asia. 

Prior to joining Colliers International, Joseph was the Managing Director of CBRE Taiwan office where he led a team of 200 staffs across multiple business lines. Through his understanding of Asian clients' requirements in various stages of property ownership and his extensive management experiences across a range of expertise, Joseph has been the go-to-person for his Asian clients, connecting the right specialists to provide the best-in-class practices and expert advices and to deliver exceptional value for his clients.

With his unique skills in Architecture and Project Management, his exceptional experiences in international transactions and his language abilities in Mandarin, Cantonese and English, he has successfully facilitated the offshore and onshore Asian clients to expand and/or divest their real estate portfolio in Australia.

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