Offshore developer eyes $50m Sydney supersite
Co-living investment giant Wee Hur Holdings has lined up a lower north shore supersite.
The 2944 square metre Nicholson Street block at Wollstonecraft, with 18 strata titled townhouses, benefitting from the recently introduced Transport Oriented Development program which aims to introduce high density housing, is speculated to be costing just over $50 million.
About 170 metres from Crows Nest Metro, a 12 storey project with 449 rooms is planned.
The project is expected to span some 10,300 square metres.
Wee Hur has not entered into any legally binding agreement and the deal might not proceed. A spokesperson said a potential investment or acquisition remains subject to ongoing evaluations, negotiations and the execution of definitive agreements.
Any acquisition marks a return to the Australian student accommodation market for Singapore listed group which previously assembled and later exited a sizeable east coast portfolio including at Redfern (continues below).
Wee Hur lines up return
Five other co-living groups considered 35-51 Nicholson St following a public marketing campaign closing last August, according to JLL’s Dylan McEvoy and Gordon McFadyen who represented the 18 strata unit owners.
Th deal comes three months since we reported Traders in Purple paid a speculated $70m-plus for 14 homes and duplexes across 4455 sqm at nearby 51-77 Sinclair St and 2 Bruce. A 75-unit traditional apartment project is planned there.
Wollstonecraft is four kilometres north of the CBD.
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