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Newly launched Sydney-based development companies, PERIFA and Abadeen have joined forces to develop a mixed-use commercial and residential site in Putney with an end value of $240 million.
Sitting on an expansive 15,870-square-metre waterfront in the northern Sydney area, the project will be backed by equity partners Mitsubishi Estate Asia Pty Ltd and Phoenix Property Investors.
PERIFA and Abadeen have joined forces to develop the 15,870 sq m waterfront site in Putney. Renders shown
The Stage 2 development application at 20 Waterview Street, Putney NSW, known as Pier 20 proposes the refurbishment of the Halvorsen’s boat shed into a waterfront dining and commercial precinct, two three-storey residential buildings, inclusive of one, two and three-bedroom apartments and a 36-berth marina.
Fabrizio Perilli, co-founder of PERIFA and managing director of Versatile Group said Pier 20 offers an opportunity to restore and adaptively reuse the heritage-listed buildings.
Perilli was the former chief executive of developer, TOGA and is also the NSW president for the Property Council Australia.
“Our partnership with Abadeen supported by Mitsubishi Estate Asia and Phoenix Property Investors will allow us to transform this unique site into a premium mixed-use development, with retail, dining and residential on Sydney’s harbour front,” Perilli said.
The planned project comes as the Sydney development cycle starts in earnest after a quieter few years due to the global pandemic where construction was put in hold or slowed down significantly.
Since the start of the pandemic in the first quarter of 2020, total cranes within Australia have increased by 22 per cent or 160 cranes.
This is evidenced by the Rider Levett Bucknall’s third quarter 2023 RLB Crane Index which showed the number of cranes in Sydney increased by 10 per cent to break 400 cranes for the first time.
Domenic Schiafone, Rider Levett Bucknall’s Oceania director of research and development said the Australian construction industry has experienced a huge six months, with crane numbers rapidly expanding across the country.
“Since the start of the pandemic in the first quarter of 2020, total cranes within Australia have increased by 22 per cent or 160 cranes. This has been largely driven by increases in Sydney of 102) and the south-east Queensland region with 27 in Brisbane, 28 in Gold Coast 28, and 11 on the Sunshine Coast,” Schiafone said.
In Putney, Joe Tack, chief operating officer at Adabeen said, the acquisition represents a “rare opportunity” to regenerate a significant infill site with 300 metres of waterfrontage.
In the Sydney Hills District, private developer Deicorp has been appointed by Landcom and Sydney Metro to develop the next stage of the residential village that will form part of the Hills Showground Station precinct.
Precinct East is opposite the under construction 430-unit Hills Showground Village, on which Deicorp was also appointed by Landcom and Sydney Metro to develop.
Precinct East, which is the largest lot at Hills Showground Station, will accommodate up to 873 dwellings and 3500 square metres of public open space including a new park.
Knight Frank’s Dominic Ong, Grant Bulpett, Mark Litwin handled the latest site.
Deicorp’s founder and chairman Fouad Deiri, who was last week named the Urban Taskforce Australia Property Person of the Year, said he was “delighted Deicorp had secured its third Landcom and Sydney Metro project”.
The Hills Showground Station Precinct, received concept approval in January 2021, includes three development lots that will accommodate up to 1620 dwellings, 13,490 square metres of commercial and retail space, new public open spaces and supporting infrastructure.
The first lot already under construction by Deicorp, Hills Showground Village, will include a three-level 10,935-square-metre retail podium with supermarket, speciality shops and commercial areas that will sit beneath four 20-level residential towers, and a public plaza linking the Metro Station with the rest of the precinct.
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