The Yuhu Property Group has finally sold the Eastwood Shopping Centre in Sydney’s north west, transacting well short of expectations.
Yuhu commenced looking for a buyer in 2019 following an approval for a 409-unit residential and retail expansion in August that year. Yuhu had hoped to sell the property for $200m – $250m.
Poly Australia were reported to be one of the contenders for the project but reports emerged that they pulled out following revelations in 2019 that a Ryde Councillor and Deputy Mayor allegedly failed to declare a $4m stake in Yuhu’s Pymble Office building, when he was voting on the Council’s approval of the Eastwood Centre redevelopment.
The group entered contracts in late April at a price of $155m with settlement completing on the 15th July.
Little is known about the purchaser, Mr Tang, a resident in Sydney’s northern suburbs.
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