Docstoc

Luxury apartments proposed for Woolloomooloo

Document Sample
Luxury apartments proposed for Woolloomooloo Powered By Docstoc
					 P R E S S               R E L E A S E                                               CB Richard Ellis Pty Ltd
                                                                                        ABN 57 057 373 574

                                                                                Level 26, 363 George Street
                                                                                          Sydney NSW 2000
                                                                                                 DX 10262

                                                                                        T 61 2 9333 3333
                                                                                        F 61 2 9333 3330

                                                                                          www.cbre.com.au


FOR IMMEDIATE RELEASE  February 2008

 For further information:
 Kathryn House
 Communications Manager
 61 2 9333 3585
 61 402 465 440

Luxury apartments proposed for Woolloomooloo

Sydney, NSW (February 2008)

The high profile former Sydney Eye Hospital site in Woolloomooloo has sold for $25.5 million, amid a
resurgence of buyer interest in residential development sites.

A private investor has acquired the 1,986 square metre Sir John Young Crescent site with plans to
develop a luxury apartment complex.

The CB Richard Ellis sales agents Lincoln Blackledge and James Aroney said the sale highlighted the
renewed buyer interest in well located residential development sites in Sydney

Mr Blackledge said strong sale prices were being achieved for premium apartments in Sydney’s inner
suburbs and the fundamentals of supply and demand were underpinning developer confidence in the
market.

“In recent years there has been a steady decline in approvals for medium density residential schemes and
the reduced supply has resulted in decreasing vacancy rates for rental units and increasing rents,” Mr
Blackledge said.

“Demand has also returned for high quality units in good locations and the combination of these factors
has led to increased confidence amongst residential developers.”

The former Sydney Eye Hospital site is located at 60-72 Sir John Young Crescent.

The site has several current development approvals, the most recent being for a 77-apartment scheme
known as Cielo, which was designed by leading architects Marchese Partners International.

Mr Aroney said the site’s high profile location had resulted in strong buyer interest from local and
international groups when the property was offered for sale on behalf of the privately owned Gwynville
Trading.
                                                                                          14 February 2008


“The site was strongly contested and attracted interest from all the major residential development
groups,” Mr Aroney said.

“The premium sale price reflects the site’s unique characteristics, including its proximity to the CBD and
its panoramic city skyline and park views.”

The new owner intends to start construction on the site in July. The apartments are expected to be priced
from $900,000 to $4.5 million.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the
world’s largest commercial real estate services firm (in terms of 2006 revenue). With over 24,000
employees, the Company serves real estate owners, investors and occupiers through more than 300
offices worldwide (excluding affiliate and partner offices). CB Richard Ellis offers strategic advice and
execution for property sales and leasing; corporate services; property, facilities and project management;
mortgage banking; appraisal and valuation; development services; investment management; and
research and consulting. In 2007, CB Richard Ellis was named one of the 50 “best in class” companies
by BusinessWeek, and one of the 100 fastest growing companies by Fortune. Please visit our Web site
at www.cbre.com




                                                                                                     Page 2

				
DOCUMENT INFO