Dasco embark on Lane Cove Apartment Site11 February 2020
One of the few remaining development sites in Lane Cove has been sold to Dasco for $17m.
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.
Following the approval, the developers decided to offload the 3,879sqm site via an on market campaign by Knight Frank in September 2019.
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.
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.