Real estate agent Century 21's commercial division has secured its first development deal since launching in July, ushering Perth-based Chinese-backed developer Zone Q Investments into the Sydney residential market with a $30.98 million site purchase.
Zone Q Investments has acquired its first raw site in Sydney, a 7153 sq m amalgamation of a block of 12 older units and three houses at 154-158 Castle Hill Road, Cherrybrook in Sydney's northwest in an off-market deal.
The attraction of the site lies in its 190-metre distance to the future Cherrybrook metro station on the $8 billion Sydney Metro Northwest. Zone Q has plans for 172 apartments on the site, subject to approval.
There was still plenty of demand in growth areas such as Cherrybrook because the family area close to schools provides a "separation from the CBD", Century 21 Commercial's James Barlow said.
The deal was the combined effort of Century 21's commercial arm and its local residential expert, Century 21 West Pennant Hills, mainly Toby Radford and Davin Tan.
"Our is the brand to work with..we have over 1500 offices in China giving us an unbeatable reach into the Asian market," Mr Barlow said.
Century 21 is eyeing other projects in Sydney's south and Parramatta.
Zone Q Investments debuted in the Australian market in South Perth in 2013, with the launch of a $70 million 20-storey apartment tower with 102 apartments, "Pinnacle South Perth" on the corner of Charles and Labouchere Roads.
The Australian arm of Chinese mainland devleoper JiaHe JianAn Group proved its strategy in the slowing Perth market was not off the cuff, having commenced construction of the tower and launching other towers afterward. It now has four.
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