The Campsie Centre in Sydney’s inner west has sold to Toplace for circa $100m.
The two-level 13,266sqm property 14-28 Amy Street was sold by its private Chinese owner (Grand Sino (Australia) Plaza), who bought it for $68 million in 2014.
The Centre is anchored by a Big W discount department store, a Chinese supermarket Tong Li Supermarket and supported by 50 specialty tenants including Australia Post and a pad site with a car wash.
The vendors had attempted to sell the property in 2019 and prepared a preliminary planning proposal for a mixed-use building which maintains two levels of commercial in the original building but adds four separate residential towers to yield 414 apartments in total.
The planning proposal became caught up in the broader review of Campsie’s Town Plan which has only recently been put out for public comment.
At the time Knight Frank were appointed to market the Centre and whilst one party was reported to have entered into due diligence, the property failed to sell.
Toplace will now seek to take advantage of the development proposal being contemplated in the new Campsie Master Plan which maintains existing height limits of 5 storeys.
Related Articles
