ST Hilliers Property has bought the Caritas healthcare facility site in Darlinghurst for $20 million from St Vincent's Hospital.
Located at
The sale was recently settled with vacant possession of the site to be provided in September 2010.
St Hilliers acquired the site with concept plan approval for a residential and commercial development incorporating a number of heritage buildings on the site, which will be restored and adapted for re-use. The development will incorporate 120 apartments comprising a mix of one, two and three bedrooms as well as commercial retail space.
St Hilliers’ chief executive Tim Casey said Darlinghurst is one of the most highly sought after areas in the inner Sydney residential market and sites the size of the Caritas site were rarely available in one line.
“Darlinghurst has broad appeal for those wishing to capitalise on lifestyle opportunities and is now seen as a viable alternative to
“Our market for this development will be owner/occupiers, who are professionals or empty nesters. We will be catering for their needs by providing spacious, over sized apartments with high quality finishes,” he added.
Casey said following the closure of St Hilliers fourth property fund, which raised $200 million of equity from two of
“The Caritas property is a quality asset and could potentially be a seed asset for a medium-density residential fund. We are looking to acquire assets with income streams of two to three years, which would provide an income phase while planning development approvals are sought,” he continued.
St Hilliers is currently targeting residential development opportunities within a 5 km to 6 km radius of the CBD of Sydney and Melbourne.
Australian Property Journal
