Addenbrooke sells Alexandria site with development scheme
The O’Neil family’s Addenbrooke has sold a prime Alexendria site two and a half years ago the subject of a controversial land swap agreement with neighbour, taxi operator, A2B Australia.
City West Housing is the buyer, paying an as-yet undisclosed price for 20-26 Bourke Road; a social housing project with 138 dwellings is planned.
The 3307 square metre amalgamation of four industrial properties was listed nine months ago with $30 million-plus price hopes.
Led by Ned O’Neil, Addenbrooke offered it with a scheme for a 12 level office – dubbed in recent marketing material as The Glass House.
However given the zoning and location, 200 metres from Green Square station, a residential alternative or hotel could have been considered; the block can accommodate 13,734 sqm in a 45 metre tall structure.
With improvements measuring over 12,000 sqm, investors or owner occupiers were also expected to look in.
Alexandria, four kilometres south of Sydney’s CBD, is home to the $13 billion Green Square urban renewal precinct, involving several developers and stages.
Also this week a two level office/warehouse at 76 O’Riordan Street in the suburb collected $15.1m – a land rate of $8871 per sqm and building rate of $9741 per sqm.
In late 2022 meanwhile the City of Sydney paid $110m for four ex-woolstores in the suburb on Huntley Street, now a 10,026 sqm office investment.
Cushman & Wakefield’s Steven Kearney and Mark Hansen were the agents (story continues below).
Addenbrooke, A2B quit Alexandria
Ned O’Neil is the son in law of Deborah Symond, whose father, Aussie Home Loans founder John, this week listed trophy Point Piper home Wingadal for sale with $200m-plus price hopes.
The Addenbrooke sale comes after a deal to develop an office at 20-26 Bourke Rd for A2B in exchange for its much larger 8489 sqm holding next door fell through following an uproar by that group’s board.
Elsewhere in the suburb, the developer owns 158 Botany Rd and 158 Wyndham St, 90 metres from Waterloo station, where a c5000 sqm commercial investment is planned.
In the CBD it recently refurbished 333 Kent St, a 15 level, 14,173 sqm office.
Its book also includes Pyrmont c1883 woolstore, the Goldsborough Mort Building, two decades ago the biggest residential-based conversion in the southern hemisphere, with 538 dwellings, 48 commercial suites and a hotel.
A2B meanwhile sold its Alexandria parcel last March to residential developer Double Space Limited – a joint venture between Enice Technology Co. Ltd and Bestplace Corporate Limited – for $78m with a three year leaseback.
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