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Report: Sydney residential development poised to fetch A$250M

A residential development in Chatswood, Sydney, is understood to be on the market as local developer Develotek, which has the options for the properties, has tapped Knight Frank and CBRE to handle the second round of expressions of interest for the sale.

The Chatswood site could fetch up to A$250 million, The Australian Financial Review reported Dec. 11. A development comprising eight houses and 12 townhouses currently sits on the on 5,420-square-meter land plot.

The site can accommodate a 90-meter building with 30,000 square meters of gross floor area spread across 400 apartment units, along with commercial and retail components, the AFR said.

The report noted a deal is likely to be reached by January 2018.