Funds manager Galileo Group has continued its aggressive start to the year with the $51 million purchase of a development site in Sydney.
The revelation comes after the recent acquisition of the University of Sydney’s former law campus at St James for an estimated $45 million, pushing their total investment for the year to almost $100 million.
The suburban site is located in Dulwich Hill and was purchased from Singapore based Stamford Land Corporation who had purchased the site only twelve months earlier for $23.7 million.
The 10 132 square metre site, covering 2-24 Grove Street and 60 Constitution Road, has development approval for 246 apartments.
The deal was brokered by CBRE’s Peter Krieg and Ben Stewart.
This comes after a previous announcement this week that Galileo Group and ISPT had purchased the law campus on 173-175 Phillip Street. The 879 square metres of property has the potential for up to 100 apartments. It is expected to begin construction in 2016 as luxury apartment complex.
Galileo Group purchased the Dulwich Hill site along with private investors and it is believed they are planning to develop four separate buildings to be built opposite the area’s new light rail station.
Galileo Group Senior Vice-President Paul Marshall told The Australian, “we plan to be building around the middle of the year.” It is believed they will follow through with Stamford Land Corporation’s original plans that focus on the interior of the units.
The attention to interior is something Mr Marshall mentioned as having increasing importance in today’s market.
The outlook for the properties is high. “We’re not seeing any significant slowdown in demand at all,” he said.
Dulwich Hill is a suburb on the rise with the recently opened light rail system and forecasts of continued growth for Inner West Sydney.
