Sydney-based property development and investment group Tipalea Partners have now sold one of its Alexandria development sites which it acquired in February 2018.
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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.
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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.
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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.
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We expect Tipalea will continue to hold 29 Bourke Road which has an existing DA for a similar 4 storey commercial building.
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