Sydney Developer Piety Investments has announced their acquisition of the $100 million apartment site at Wentworth Point in Sydney's west.
According to the Australian Financial Review, the developer had purchased the Sydney site from Payce Consolidated and their joint venture partner Sekisui House.
Payce sold 100% of the site, which had a concept plan approval for 678 units, for $100 million.
Payce Consolidated General Manager Dominic Sullivan told the AFR that they would use the capital for other opportunities.
"Payce has got plenty of projects on at the moment but the sale affords us the opportunity to deploy capital when the next big thing comes up," Mr Sullivan said.
"There's certainly been interest in the site from investors but the timing and the price was right for us."The sale was brokered by Colliers International agent James Bellew, who noted the increased investor appetite for apartment sites across Sydney.
"This transaction clearly highlights the demand from developers for large-scale sites in infill locations where the benefits of established transport links and residential amenity already exist," Mr Bellew said.
"The last two years has seen a spike in demand for sites over $100 million, with many local groups holding their own in the face of increasing levels of offshore capital."
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