Offshore developer spends $50m for Sydney supersite
Wee Hur Holdings has paid just over $50 million for a lower north shore site with plans for a major co-living project.
The 2944 square metre Nicholson Street block at Wollstonecraft, with 18 strata titled townhouses, benefited from the recently introduced Transport Oriented Development program which aims to introduce high density housing.
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.
The acquisition marks a return to the Australian student accommodation market for Singapore listed Wee Hur, which previously assembled and later exited a sizeable east coast portfolio including at Redfern.
Wee Hur Returns
Five other co-living groups considered 35-51 Nicholson St following a public marketing campaign closing last August (continues below).
JLL’s Dylan McEvoy and Gordon McFadyen 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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