Chinese property developer Zone Q has swooped on a Perth development site – which can support $100 million project – offloaded by another Chinese player, Aqualand Australia.
While the property is zoned commercial, it carries plans for a mixed-use development that would comprise residential apartments, a hotel and retail space, and adds to Zone Q’s development pipeline in the city.
The 220 Pier St and Nash Street property boasts a 3490sq m site with two street frontages and future redevelopment potential.
It was one of Aqualand’s first purchases in Australia and a mixed-use project had been planned. The company has since refocused on its Sydney property portfolio worth nearly $800m.
Aqualand has projects in Chatswood, St Leondards, Melrose Park and North Sydney, and is shortly to launch a luxury Pyrmont apartment development, Revy. It is also listed among the bidders for the Australian Technology Park in inner Sydney’s Redfern.
“We’ve got a number of properties on the way,” Aqualand general manager Nicki Tobin said.
The company has recently lodged plans for the Melrose Park site, where it is planning to build up to 1000 apartments, and it is also advancing plans for a tower in Chatswood.
The Perth site was sold off-market in a deal handled by Paul Craig of Savills for an estimated $15m.
Zone Q already has a presence in Perth. In August it commenced works on its second Perth apartment project, Nspire 108, to be built on the high-profile corner of Aberdeen and Beaufort streets in Northbridge. The 21-level project will have 184 apartments.
The project follows Zone Q’s first foray into the city – its Pinnacle apartment tower in South Perth – due to be finished next year. The firm also has plans for another apartment development on Mill Point Road in South Perth.
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