Ambitious Property Group Acquires Prime North Shore Sites

Aoyuan Property Group Australia's local property portfolio continues to grow larger with the acquisition of two blue-chip Upper North Shore sites for a combined total of more than $55 million.

Both sites acquired by the property group sit within key north shore locations and are close to schools, train stations and popular village environments.

One of the acquisitions was a high-profile, 6,063 square metre property at 888 Pacific Highway Gordon, which was purchased for $34m through Guillaume Volz of Colliers International and Bill Geroulis of Shead Property.

The other was a 79-apartment Turramurra project which was acquired ‘off-market’ for $21.5m.

Listed on the Hong Kong Stock Exchange, Aoyuan Property Group has a current land bank of approximately 14 million square metres across China.

They made their Australian market debut in 2015 with the high-end CBD project One30 Hyde Park, in joint venture with Ecove Property Group.

Designed by Bates Smart, the 38-storey building will include 140 apartments, and earlier this year achieved the highest price per square metre for an apartment when the 275 square metre penthouse sold for $9.72m.

“The pre-sales rates we have achieved for our One30 Hyde Park and Maison 188 Maroubra projects have been extremely encouraging," Aoyuan Australian Head of Development Adrian Liaw said.

"We have been fortunate enough to steer clear of the troubles amid various negative sentiments in the market place. In fact, this environment has given us an ideal opportunity to bolster up our portfolio which hopefully, will lead us to build a sustainable development business in Australia.”

Mr Liaw says plans for the Gordon site include 144 apartments across six levels, with 730 square metres of retail space. Designed by Nettleton Tribe, the DA-approved project is expected to come to the market in early 2017.

The DA-approved Turramurra project at 1 Womerah Street offers a range of floor plans priced from $630,000 to $1.4 million. A builder is soon to be appointed and construction expected to commence early in the year, targeting a late 2018 completion.