The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
25 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
25 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
12
print
Print
OtherEditorial DeskMon 25 Feb 19

Poly Makes Asset Management Move, Sells Circular Quay Tower Stake

9df59753-f7c0-49fe-af79-79de16f71ca4

Chinese-backed developer Poly Global is offering a 49 per cent stake in its $500 million Circular Quay office tower as it looks to expand its asset management operations in Australia.

The Shanghai-listed developer, who has acquired sites in Sydney, Melbourne and Brisbane since launching in 2014, made the announcement on Sunday.

The Grimshaw-designed tower, which Poly will still develop and co-own, is being built by Watpac with demolition set to commence in coming weeks.

Poly said that the expansion of its asset management business is a “long term play” buoyed by a strong Sydney office market.

“Given the strength of the commercial market in Sydney, [t]he company felt this is the opportune time to extend its business and cement its position in asset management,” Poly said in a statement.

Poly declined to comment on the potential listings of any other assets in its portfolio.

Related: Two Sydney Listings With $100m Price Tag Hit the Block

Poly positioned the sale of Poly Centre in George Street as a strategic initiative and an opportunity to align with investors. Grimshaw.

Poly is also speculatively developing a 24-storey office tower in Melbourne’s Docklands and has recently switched gears to an office scheme for a Richmond project.

Poly's Victorian executive director Steve Wang told The Urban Developer that stronger office market conditions and tightening vacancies prompted the switch.

Major developers, including Golden Age Group and Woodlink, have recently withdrawn from Melbourne’s apartment market — walking away from up to $1 billion worth of residential projects.

Poly appointed agent Knight Frank to market its Poly Centre asset.

OtherResidentialOfficeAustraliaReal EstatePlanningPlanningSector
AUTHOR
Editorial Desk
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
View All >
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
The proposal that would best Thirdi’s Dairy Farmers north tower has moved ahead after being declared state significant …
LATEST
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
2 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
3 Min
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/poly-makes-asset-management-move-sells-circular-quay-tower-stake