Scott Spanton’s Tipalea Property Group has sold out of their development at 46 – 50 Kent Rd Mascot following receipt of the DA last September.
Tipalea acquired the site in 2019 under a put & call contract for $37.4m with a delayed settlement. The vendors’ were 3 private companies who jointly owned the property.
The property is zoned B7 Business Park with an FSR of 3:1 however the existing property is developed to just 0.5:1 with a 4 level office building providing 2,700sqm of office space over a 5,059sqm site.
Tipalea established plans for the development of a $90m office building and submitted a Development Application in February 2020 for the project which was approved in September 2020.
The 11 storey development will comprise 6 floors of office, a multiuse roof area, a 350 bay car park over 3 levels and generous ground floor facilities. In total the project will provide 18,833sqm of GFA with typical floor plates of 3,000sqm. Designed by Sissons Architects along with Aspect Studios the building has been designed to deliver best in class user experiences across all aspects of our building.
Scott Spanton, CEO of Tipalea Partners describing the development said, “Wellness and excellence in design is at the heart of all we have tried to achieve at 50 Kent Road. By ‘Wellness’ we mean the quality of life that our customers experience as an end user of our building. It is about creating an environment focused on health and wellbeing.”
Tiplea initially established their plans for the South Sydney area on a $90 million office space project at 29 Bourke Road, Alexandria. The Group acquired the site, secured a DA for and then flipped to a private investor in August 2019.
In a similar move, Tipalea has now sold the DA approved site at 50 Kent Rd to a private investor and has been able to concurrently settle on their 2019 acquisition and the subsequent sale to the private investor both on the 9th April. The private trust paid $42.1M for the site, effectively recovering Tipalea’s acquisition stamp duty and DA costs.
Michael Crombie from Colliers assisted in the sale of the property.
The typical floor plates provides for a central core and large column free spaces which provide opportunities for sub division of the floor plates for multiple tenancies.
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