Revelop / Mintus JV Sell Pemulwuy Development Site22 April 2020
Joint Venture partners Revelop & Mintus have sold a 30ha development site in Pemulwuy for $36M.
The group acquired the site as part of a larger site from Boral in 2015 for $60M and proceed to obtain a development approval for 300 apartments across 7 buildings on the site. The DA was approved by the Sydney West Central Planning Panel in late 2018.
The site was put up for sale in May 2019 via Ray White Commercial NSW, attracting over 200 initial proposals, but failed to sell. The final buyer was reported to have been introduced by CBRE.
Considering, the initial acquisition price for the larger site and the holding costs during the DA process, Mintus are unlikely to have delivered a profit from the sale of the site.
3 large lots, totalling approx 8,800sqm in Stage 1 of the site are also held by Mintus.
Mintus' website is no longer active and the decision to sell the large site comes as the group also contends with a diverse shopping centre portfolio which include West Gosford, Deception Bay, Wyong, St Ives (QLD), Goodna and Vincentia. The developer also exposure to development projects in Glenmore Park.