Perth-based international developer Zone Q Investments has snapped up the office building at 30 Alfred Street South in harbour-front Milsons Point, north of the Sydney CBD.
Last month, the devleoper purchased a development site in Cherrybrook in Sydney's northwest, a 7153 sq m amalgamation of a block of 12 older units and three houses at 154-158 Castle Hill Road.
The Milsons Point site acquisition predates the Cherrybrook deal by a week, however, the company only spoke publicly about the sale for the first time last week.
Knight Frank's Andy Hu and Dominic Ong and project marketing firm Apex closed the deal at 30 Alfred Street but declined to comment.
It is understood Zone Q paid about $55 million for the property, approved for 72 apartments, acquiring it from another Chinese investor Fu Ji.
Zone Q confirmed it will launch the sale of the apartments in early 2017.
"We have a lot of confidence in Sydney's luxury apartment market so this site is a great debut for us in such a prestigious harbourside location", Zone Q investments sales and marketing manager Danielle Baker said "It's the right platform for us to demonstate the high quality people have comr to expect from our projects."
Fu Ji in turn made a strong return on the property, having paid just over $25 million for it in 2013.
The off-market sale attracted several other developers, with Zone Q leading the charge on a quick settlement, sources said.
The site will yield fewer apartments than the 172 it plans for the Cherrybrook site, subject to approval.
Zone Q now joins a wave of developers migrating to North Sydney to build apartments with views, particularly after the draft Central Sydney Planning Strategy released in July proposed controls on new apartment towers.
Under the plans, any new towers over 55 metres can have no more than half of their space devoted to residential accommodation, in an effort to balance the growth of apartments with commercial space.
Major Sydney developer Aqualand has two North Sydney sites - both with views - at 61 Lavendar Street, Milsons Point and 168 Walker Street in North Sydney.
In St Leonards, both Mirvac and New Home are building apartment luxury apartment towers.
Zone Q debuted in Australia in South Perth in 2013, with the launch of a $70 million, - 20-storey apartment tower with 102 apartments, "Pinnacle South Perth."
The Australian arm of Chinese mainland developer JiaHe JianAn Group now has four residential projects and one commercial property in Perth.
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