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Inner-city Sydney sales activity abuzz, following $90.8 million sale

Property Markets / Transactions

Australia

Feb 28 2018

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A 12-storey tower located at 299 Elizabeth Street in the CBD of Sydney, has been purchased by the Mah family for $90.8 million, providing a $45 million profit for the vendor, Xiaoxuan Zhong and Jingru Lin of Pyrmont.

The tower is expected to form part of a long-term redevelopment plan, potentially including a second tower in the same street, a b-grade building already owned by the purchasers.

The sale comes as Sydney’s inner-city experiences a boom in sales and development activity. Almost $5 billion worth of projects are already underway, with more than $3 billion of approved works yet to begin.

Two adjoining sites at 371-375 Pitt Street and 116 Liverpool Street, owned by Rebel Property Group, is expected to sell for close to $110 million.

Knight Frank has been appointed to market the adjoining properties, located opposite China’s Han’s Group $1.5 billion regeneration, which received development approval in December.

The 258 metre tower will provide up to 700 residential apartments, a hotel, commercial and retail uses, according to the Urban Developer.

“Sydney CBD is evolving with an unprecedented amount of infrastructure, large scale developments, and emerging precincts proposed or underway,” Knight Frank head of Asian markets in NSW Dominic Ong told the publication.

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