Australia’s first Japanese themed estate shelved, site sold
The Waterloo site earmarked for Australia’s first Japanese themed residential community – with an end value of c$520 million – has sold following a dispute between the Indonesian based vendors, Crown Group’s Iwan Sunito and Paul Sathio.
A build to rent based project is expected for the 1.692 hectare shovel-ready parcels, 44-48 and 52 O’Dea Avenue, following the $121m deal to Altis for a partnership backed by Aware Super.
Colliers’ Matthew Meynell, James Cowan and Trent Gallagher were the agents; the property was until recently known as the Mastery by Crown site.
The Bank of China was the mortgagee.
Waterloo is four kilometres south of Sydney’s CBD.
Shovel-ready site
Crown Group had sold pre-sold $180m worth of apartments at the Mastery project which was set to have contained five residential towers, all up with 368 units.
One of the proposed buildings, worth $45m, was snapped up by a China-based investor.
Also with c2000 square metres of retail, the permitted area of the Koichi Takada Architects and Silvester Fuller penned development is 34,537 sqm.
Control of about 6000 sqm of land – mainly for infrastructure – will be handed back to council (story continues below).
Crown Group, established in 1996, had undertaken pre-development works including layout out roads.
It was speculated Mr Sunito might have seized full control before the Bank of China abandoned its support, forcing the listing in July.
Altis, Aware invest again
The Waterloo property will be held in the Altis-managed Aware Real Estate fund which launched last September with a mandate to control a $7 billion local property portfolio.
The partnership has made significant inroads – with the value of assets and proposed projects to date circling c$2b.
Earlier this year the pair paid c$80m for a St Leonards block earmarked for two build to rent towers.
The two also control a former hotel on Melbourne’s Queens Road, overlooking Albert Park Lake, acquired last year, for an asset of this type.
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