Leighton, LaSalle Team to Build Major Erskineville Housing Estate

LEIGHTON Holdings has teamed with property fund manager LaSalle Investment Management to build a new housing estate in Sydney’s Erskineville.

The project will include 300 apartments and townhouses, and be developed on a former light industrial site, set to be rezoned to Mixed Use under the City of Sydney’s Draft Local Environment Plan (LEP).

The project is earmarked for a 1.6 hectare site at 36 Coulson Street, a site which also has frontage to MacDonald and Bridge streets. The development consortium paid Investa Property group’s Investa Enhanced Fund $21 million for the site.

It’s part of the Ashmore Precinct, identified by both the NSW state government and council as a precinct set for residential development.

One bedroom units in the new complex are expected to start at about $450,000, according to the AFR.

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Stockland Pays $58 Million For Two Major Development Sites, Melbourne

Stockland chief Matthew QuinnSYDNEY-based developer Stockland has paid about $58 million for two major residential development sites in Melbourne’s outer north.

In the same week the company announced it would focus less on developing apartments, and more on providing low density housing, the group announced two separate land purchases, of 52.4 hectares, and 65 hectares, in Wollert, about 25 kilometres from town.

Stockland is expected to yield 1100 housing lots from the sites, giving it exposure to Melbourne’s burgeoning Epping growth corridor for some years.

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Investa to Sell Wool House, Parkville, For $22 Million

UNLISTED property giant Investa is understood to be close to selling its “Wool House” office building at 369 Royal Parade, opposite the Princess Park football oval.
Sources say an Asian based private investor is in advanced negotiations to buy the B-grade, 11-level building on the south-west corner of Walker Street, for about $22 million, less than the $26.6 million Investa paid for the asset in September 2006.
The same buyer is understood to be looking at another suburban office owned by Investa, but this could not be confirmed.

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