A PAYCE and Babcock & Brown joint venture has carved up a development site in Victoria Park Estate, south of Sydney's CBD to Harry Triguboff's Meriton for $108 million.
The JV has carved up a 3.3 hectare site for Meriton which forms part of the JV’s 6.5 hectare holding in the Victoria Park Estate on
The sale is a big windfall for the JV, which paid $151.5 million for the entire site in October last year.
Meriton has put a $10.8 million security deposit for the site. As part of the agreement, the JV has the ability to exercise a put option to Meriton if the company does not exercise its right to purchase.
The remaining holding includes a development approval for 9,000 sqm of retail area, 13,000 sqm of commercial area and over 420 residential apartments.
The site was originally proposed to yield around 1,600 residential apartments, 8,500 sqm of retail space and 25,800 sqm of commercial space.
Australian Property Journal
