Parkside Willoughby / Channel Nine
Residential Development Site, Sydney
After acquiring the three-hectare Channel Nine site located in the blue-chip suburb of Willoughby in Sydney’s prestigious lower north shore, Euro Properties engaged award-winning architects CHROFI, to further improved the city’s development masterplan in relation to the Channel Nine site development. After months of negotiation and multiple planning submissions, Euro Properties successfully convinced the city to improve development envelope and allow the site to develop 460 residential apartments (effectively 20% increase in net sellable area) across ten buildings, as well as 6,000 sq. m. of publicly accessible open green space creating a contemporary village-style community.
Land Size: 3 hectares
Property type: Mixed use, residential and commercial
Site acquired: 2015
Site sold: February 2020
Lot size Approx. 30,640.4 sq. m.
Number of units: 460 apartments
GFA Achievement Residence: 35,886 sq. m.
Commercial: 1,250 sq. m.
Total: 37,136 sq. m.
Return on Investment: 4.9x return on equity
· Opportune timing on purchase after the commodity market crash affecting Australia.
· Structured with put and call options with delayed settlement and a further three years leaseback period
· Uplift net sellable area by approx. 20% and obtained approval within 2 year