China Aoyuan Property Group Ltd. is still in the running to purchase Sydney's Sirius residential building, with real estate businessman Danny Avidan joining the race for the more than A$150 million asset, The Australian reported.
Avidan has emerged as a frontrunner for the 79-unit, 11-story apartment block among a group of a few remaining bidders. It is understood that the businessman's bid includes maintaining the Brutalist style structure of the building, in contrast to other developers looking to knock down the existing facade.
The group of remaining bidders does not include Mirvac Group, which took itself out of the bidding process several months ago, and Lendlease Corp. Ltd., which did not participate.
The property is located on the city's Cumberland Street and contains approximately 7,010 square meters of gross floor area and 70 basement parking spaces. A proposed gross floor area of up to 8,420 square meters is permitted for a redevelopment, according to new planning instructions.
The Oct. 15 report cited a Property NSW spokesperson who said the request for tender process closed Sept. 28 and bids would be reviewed over the next few weeks, with contracts expected to be signed for the property by end-2018. The publication also spoke to unnamed sources who said the winning bidder could be chosen within the next two to four weeks.
Proceeds from the sale would be channeled by the government toward constructing new residential properties in Sydney's outer suburbs.