Chinese-backed Maville Group has offloading a development site in the Rosebery residential area for $63m.
The site 8,403sqm at 12-24 Rothschild Ave was sold to DeiCorp following a 4 year development application battle by Maville.
Maville acquired the site in 2015 for $48m and lodged a Stage 1 DA Stage 1 DA for a 23.5m 7-storey residential apartment building with an FSR of 2.2:1 (18,467.5sqm), and adaptive reuse of the existing heritage warehouse building at 24 Rothschild Avenue. The DA was refused by the City of Sydney Council in 2017 because its height, scale and setback did not respond sympathetically to the adjacent heritage listed warehouse and surrounding built form.
A revised planning proposal was submitted in late 2018 which dealt with the previous issues sought an amendment to the LEP. The matter was referred to Planning NSW and finally approved in February 2020. A new DA for the demolition of existing structures (excluding heritage building), and the construction of an 8 and 9 storey mixed use development with 176 apartments, was submitted in June 2020. This will now likely be approved by Council.
Deicorp entered agreements to acquire the site in December 2019 and settled in August 2020. The site sale was managed off market by Colliers.
DeiCorp have also recently settled at Civic Way, Rouse Hill for $34m and the Petersham RSL Club for $62m.
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