Maville to sell another site in south Sydney for more than $40 million
Chinese-backed Maville Group is offloading a development site in the booming south Sydney residential area, after selling the prominent office building at 333 Kent Street in the Sydney CBD for nearly $90 million last year.
Maville is now selling a 4890-square-metre site at 219-231 Botany Road, Waterloo, four kilometres south of the Sydney CBD.
It comes with stage-one development approval and an indicative scheme for 134 residential apartments, a 410 sq m ground floor retail space and 95 parking spaces in a nine-storey building. It will be sold with price expectations of more than $40 million. The gross floor area of the project is 10,956 sq m.
Infrastructure spending
Colliers International’s Trent Gallagher, who is handling the expressions of interest sale, said Maville was selling the site to capitalise on government infrastructure spending in the area, including the new Green Square township and future new metro station in Waterloo. The group bought the site for $29.5 million two years ago.
The group also owns s site at Rothschild Avenue, Rosebery
“There is an unrivalled demand for high-quality residential apartments in this area, meaning this could be a very lucrative purchase for the astute buyer,” Mr Gallagher said.
Waterloo is in the heart of the NSW government’s $8 billion Green Square Urban Renewal Precinct and is four kilometres from the CBD. The former industrial area has now been mostly gentrified with apartment dwellings from developers such as Mirvac, Crown Group and Meriton.
Headline sale
Last year, Maville made headlines for selling its long-held property 333 Kent Street to Sydney-based private capital group iProsperity and China-based Bridge Capital for the lucky amount of $88.88 million.
It is understood the group put the project on hold because it could not transfer funds from China to start the work as a result of Beijing’s increased capital restrictions. Selling the property turned out to be an astute decision – the group made a premium of $42 million.
The property at 333 Kent Street is earmarked for a luxury hotel and residential tower with views of Darling Harbour.
