DeiCorp Settles $61M Petersham Site5 April 2020
Deicorp has settled on its acquisition of a the major part of a 1.04ha site in the inner Sydney suburb of Petersham, following a 3 year development approval process with long term owners Petersham RSL Club.
Deicorp have paid $61.85m for the first 2 stages of the site known as the "Siding", which will ultimately provide for 357 apartments and new 3,500sqm RSL Club.
Stage 1 of the project will involve the construction of 200 apartments in 3 buildings along with the new Club facilities in the podium levels. Stage 2 will comprise a further 50 apartments on a site currently occupied by an open-air carpark associated with the existing RSL Club and the final stage, which will occupy the existing RSL Club land, will provide a further 108 apartments. The land associated with the final stage is expected to transact once the new club has been built.
As part of a VPA package, Deicorp will provide to Council 24 ground level car spaces on stage 3 to Council, a monetary contribution of $3,500,000 and 6 x affordable housing units located in Stage 3.
The existing improvements across the site have been demolished and construction was due to commence in early 2020. The settlement of the site on the 27 March is a positive signal that the project is now ready to commence, however COVID 19 may disrupt Deicorp's ability to move full steam ahead.
Deicorp first entered the Sydney development scene in 1999 in Newtown with a 3 storey residential development and has grown to be working on over 7,000 apartments, 150,000sqm of retail/commercial suites and has over $2.5 billion of work in the pipeline including South Village Apartments Kirrawee, Highline at Westmead and the Banks at Rockdale.
Located just 6km from the Sydney CBD directly opposite Petersham railway station at Trafalgar and Regent Streets, The Siding, Petersham attracted strong early interest not just from the local community but from potential residents in South Sydney, the Inner West and Western Suburbs.