Green-feel apartments

Nov 22, 2012

Australian Financial Review / 22 November 2012

‘Alceon has formed a joint venture with developer Legacy Property to build 470 apartments in Meadowbank in Sydney. The 1.6-hectare site is across the water from the Rhodes peninsula which has seen a surge of recent apartment development.

Colliers International marketed the site with expectations in excess of $30 million, but the sale price was kept confidential. The developmnent is expected to bring at least $250 million in total sales.

The NSW government’s Planning Assessment Commission gave concept approval last week. Legacy Property director Matthew Hyder said the site wass distinct from the Rhodes peninsula and North Ryde area, with its large green spaces. “I would say at least a third of the site will be green open space,” Mr Hyder said.

“It’s going to be quite a different feel to the competing product in North Ryde and Rhodes.” Most of the apartments will be two bedrooms, with the majoirty of demand expected from young Asian families. The apartment will be spread across five buildings of six and seven storeys.’

Article by Ben Hurley