One of the few remaining development sites in Lane Cove has been sold to Dasco for $17m.
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The site at 86-90 Gordon Cres has a development approval for 69 residential apartments, following a Land & Environment Court battle early last year. The original developer first applied for a development consent in September 2017 comprising 88 apartments which generated a substantial number of submissions from the community. The DA was revised down to 72 apartments and ultimately approved in March 2019 at 69 apartments.
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Following the approval, the developers decided to offload the 3,879sqm site via an on market campaign by Knight Frank in September 2019.
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The acquisition of the Lane Cove site by Dasco for $17m reflects a value of $246,000 per unit or $4,382 sqm of site area.
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Dasco was founded in 1993, by twin brothers Daniel and Salim Nicolas. The pair have been associated with a number of other projects in recent years including being the main building contractor for Payce's projects at East Village and Wentworth Point.
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