Aqualand have recently settled on a site in Alexandria for $9.25m which they have held under contract since November 2018.
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The site at 59-99 Belmont Rd is approx 600m to the Waterloo Metro station which is due to open in 2024.
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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.
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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
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The Council are yet to determine the application.
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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.”
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The purchase price paid by Aqualand represents $402,000 per proposed apartment, $4912/sqm of site area or $3,280/sqm of GFA.
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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, Âanchored by retail and commercial tenancies.
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