Auto Alley Settlement in Church Street9 October 2019
The site for Parramatta's tallest residential development was settled this week for $54M.
Dyldam secured the site and obtained development approval to increase the maximum height of buildings to 180m and increase the maximum FSR to 10:1. Dyldam intended to create a sophisticated 62-storey mixed-use tower which includes a 6-storey podium and a residential yield of up to 450 apartments.
The retail/commercial component of the development will span across 3,306sqm. The development remains subject to the NSW Planning Department authorising the change to the LEP.
Whilst Dyldam have sold off a number of non performing sites, they appear to continue to be involved in the Church St Project. The property was settled in the name of SQ Mustang Pty Ltd following a contract entered into in June 2018.
It is unclear what association the new entity has with Dyldam. In mid 2018, the Group offered to sell a 75% interest in a portfolio of projects including the Parklea Markets' 21.6-hectare site in north-west Sydney, the The Opera in Merrylands in Sydney's west, and the South Quarter project in Parramatta, just opposite 87 Church Street.
The proposed sale of the Parklea site was however caught up in action by Dyldam's vendor for that site, Almona who went to the NSW Supreme Court to overturn the sale. According to the AFR, Almona claimed their financier PAG had breached a duty of good faith and was misleading and deceptive by "failing to provide reasonable assistance to Almona to obtain a sale on the terms most advantageous to Almona", court documents show. It was alledged that PAG sold the asset off market to Dyldam with whom PAG had other dealings with.
Dyldam is seeking to sell assets following an application to appoint a Liquidator to one of its Carlingford projects by the NSW Office of State Revenue (OSR) after the company failed to pay $900,068.56 in outstanding land tax assessments for 2018 and failed to persuade the OSR to agree to a repayment plan.
Upon the wind up of the Carlingford entity, Dyldam is left to repay $105 million in debt to its private lenders on the project, now revealed by the AFR as Beijing Capital Land and Banner Capital Management. Location plan: #Development