Singaporean investor swoops on inner-city site
Singaporean investment house Yi Capital has swooped on a high density apartment site at Kensington, near the University of New South Wales.
The 1263 square metre property on three titles, 153-155 and 157 Anzac Parade and 7 Addison Road, is costing $24.5 million.
The amalgamation came permit-ready for a nine level complex with 5055 sqm or 5560 sqm including bonuses (artist’s impression, top).
The site closed last year for construction of a project branded The Kensington.
The deal comes 10 days since we reported UNSW paid a speculated $85m for the Jacaranda Hall student accommodation complex it rented, next door at 159-171 Anzac Pde.
Two years to seal deal
The Yi Capital site failed to sell following an expressions of interest campaign ending March, 2023, when the holding income was c$470,000 per annum (story continues below).
It was then touted off-market.
“After a competitive campaign that saw a range of interested investors, given the site’s strong market fundamentals and zoning, the incoming purchaser recognised the scarcity of this product and was able to secure it after putting forward a strong offer,” Colliers’ Trent Gallagher, who facilitated the sale with Christopher Milou, said.
“Its location close to the University of New South Wales and the Prince of Wales medical precinct added to the appeal and was a key factor in it being purchased for multi-dwelling housing,” he added.
Kensington is about six kilometres south of Sydney’s CBD.
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