Green light for $300m Lacrosse Docklands project

Construction of the $300 million Lacrosse Docklands precinct will start in August, after developer Pan Urban confirmed almost half the project has sold to private investors.

In the biggest deal, an undisclosed private investor is forking out $120 million for 230 fully leased serviced apartments in one of two high-rise buildings planned for the site, which stretches from the north-east corner of Telstra Dome to La Trobe Street.

In another deal, Sydney-based property developer Denis O'Neil is believed to be spending around $20 million for 21 shops, totalling about 3400 square metres, which forms the majority of retail space in the Lacrosse Docklands project.

Mr O'Neil is cashed up following the recent sale of 20 retail shops at Freshwater Place, Southbank, for about $46 million. He paid about $24 million "off the plan" for that portfolio almost four years ago.

CB Richard Ellis director Mark Wizel negotiated the sales of Pan Urban's Lacrosse Docklands properties and Mr O'Neil's Freshwater Place assets. Mr Wizel declined to comment.

Pan Urban managing director Danny Ciarma also declined to elaborate, but said Pan Urban had been very pleased with the demand for its assets.

Pan Urban is backed by prominent private developer Morry Schwartz.

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