Aqualand settle Alexandria Site16 March 2020
Aqualand have recently settled on a site in Alexandria for $9.25m which they have held under contract since November 2018.
The site at 59-99 Belmont Rd is approx 600m to the Waterloo Metro station which is due to open in 2024.
The existing improvements consists of older style warehousing space currently used for steel fabrication. The 1,883sqm site is zoned Mixed Use with a maximum 1.5:1 FSR and a height limit of 15m.
Aqualand submitted a development Application for the site in November 2019, broadly in line with the LEP and providing for;
- Alterations and additions to the existing factory building to retain the front façade and one internal structural steel bay and demolition of remaining existing building components;
- Construction of new 4 storey residential development comprised of 5 x 2 bedroom apartments, 4 x 3 bedroom terrace dwellings, 14 x 3 bedroom apartments
- one level of basement car parking containing 27 car spaces; and
- Communal rooftop open space
The Council are yet to determine the application.
Announcing their acquisition in 2018, John Carfi, CEO, Aqualand said: “This project further reinforces Aqualand’s strategy of being the leader in any market we play in, with the property representing a unique and exciting opportunity to create an exclusive residential building comprising circa 25 x 3-bedroom premium apartments and terraces, designed for owner-occupiers.”
The purchase price paid by Aqualand represents $402,000 per proposed apartment, $4912/sqm of site area or $3,280/sqm of GFA.
Aqualand are also forging ahead with their plans to redevelop a site in Walker Street, North Sydney, formerly home of major tenant tech company SAP Australia. Aqualand paid $168M commenced demotion works of the existing structures earlier this year to make way for 441 premium residences, anchored by retail and commercial tenancies.