FKP Property Group – realestatesource https://www.realestatesource.com.au Commercial and residential property news Mon, 18 Jun 2012 11:30:00 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png FKP Property Group – realestatesource https://www.realestatesource.com.au 32 32 NSW Transport Department Spents $48.5 Million on Epping Office Asset Which it Will Demolish https://www.realestatesource.com.au/nsw-transport-department-spents-485-million-on-epping-office-asset-which-it-will-demolish/ Mon, 18 Jun 2012 11:30:00 +0000 http://realestatesource.com.au/wordpress/nsw-transport-department-spents-485-million-on-epping-office-asset-which-it-will-demolish.html THE New South Wales state transport department has paid $48.5 million for a prominent suburban office park in Sydney, which it will bulldoze, as part of its $8.5 billion North-West Rail Link project.

The office park was offloaded by Abacus Property Group which paid $25 million for the asset in 1997.

A lot of the asset’s value lay in its residential redevelopment potential. Instead the site will become the location for the North West Rail Link’s Epping Services facility. The purchase gives the government four buildings near the Epping railway station and bus interchange in the suburban north-west.

]]> The government expects to spend about $360 million in the next financial year of which $189 million is for land.

Two months ago the department paid ISPT more than $50 million for its Home Bella Vista shopping centre which is also set to be demolished to make way for the start of a four kilometre “skytrain”.

The government also paid FKP Property Group and Mulpha $23.95 million for a vacant land parcel in Kellyville.

Another site in Brookhollw Avenue, Baulkham Hills cost the government $1.8 million, according to the AFR which reported the Abacus sale. Another property in Castle Hill cost the government $5.96 million. Another $5 million was spent on two sites in Rouse Hill and Schofields.

Site establishment works at Epping are expected to start next year.

 

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