Tipalea Sells Bourke Rd Asset to SkyLife1 September 2019
Sydney-based property development and investment group Tipalea Partners have now sold one of its Alexandria development sites which it acquired in February 2018.
Tipalea had plans to develop the 6,175sqm site at 23 Bourke Road, as well as the 5,000sqm site next to it at 29 Bourke Rd into five boutique hybrid retail / warehouse / office properties ranging from 500 to 2,000 square metres. It had paid $24.5m for 23 Boruke Rd and $13.4m for 29 Bourke Rd.
The sites are 400sqm from the Green Square railway station Transaction records now show that Tipalea has now sold 23 Bourke Rd to SkyLife for $38.5m, settling on the 20th August 2019. The sale reflects a rate of $6,235sqm of site area.
Earlier this month, Markham acquired a 7,436sqm site at 22 O'Riodan Street for $71.5m, ($9,615/sqm of site area) with a DA lodged for a 20,000sqm A Grade building. (See article) SkyLife and Podia submitted a development application for 23-27 Bourke Rd and 41-43 Bowden Street in August 2019 seek consent for the approval of a building comprising three (3) levels of commercial floor space above a mixed commercial/retail use ground floor up to 18 metres in height with one excavated basement carpark for 172 car spaces.
We expect Tipalea will continue to hold 29 Bourke Road which has an existing DA for a similar 4 storey commercial building.