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Developer Greaton seeks A$100M from sale of Sydney residential site

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Developer Greaton seeks A$100M from sale of Sydney residential site

Australian developer Greaton is looking to divest a 7,643-square-meter residential site at St Leonards in Sydney for roughly A$100 million, The Australian Financial Review reported.

The sale includes outline plans for a development scheme called Project River, which comprises 21,000 square meters of gross floor area across 252 apartment units in four buildings. The company is also believed to be searching for possible funding partners on the project as part of its development strategy, according to the report.

A Knight Frank team is handling the potential disposal of the site, which Greaton purchased in January 2016 for over A$60 million, the Aug. 8 report added.

Additionally, the developer is understood to be in talks with Country Garden Holdings Co. Ltd. to co-own a site across the one it is selling. The Chinese developer acquired the site in 2016 for approximately A$45 million via a put and call option, AFR noted.