Winning Sale for Dyldam and JQZ
Following significant interest from a range of tier one residential developers, JQZ has emerged as the buyer who has acquired Dyldam’s St Leonards site known as 88 Christie.
The 5010sq m site, which is set to transform the Lower North Shore as an integrated residential and transit hub, was purchased for $295 million by the Sydney-based developer.
The site was shrewdly acquired by Western Sydney-based developer Dyldam in 2016 from the Winten Property Group. Although the opportunistic purchase was not part of Dyldam’s core development strategy, the veteran developer recognised an opportunity to value add.
With the acquisition of seven additional sites in close proximity to 88 Christie St, Dyldam has created a master site that will deliver in excess of 70,000 sqm of developable floor space in a coveted North Shore location.
Dyldam chief executive officer Sam Fayad expects 88 Christie Street to be the social and community centre of St Leonards.
“Consisting of residential, commercial, retail, a public library plus integration into the proposed St Leonards Plaza and Interchange, we expect 88 Christie Street to be a social and community centre for St Leonards’ future residential precinct,” Mr Fayad said.
“Dyldam has spent the past 12 months incorporating additional strategic sites to create a supersite with the premium connectivity located above the future St Leonards Rail and Bus interchange.
“These additional acquisitions have enhanced the development potential and saleability of the site. We look forward to seeing the transformation of St Leonards.”
Jian Qiu Zhang, founder and CEO of JQZ, said discussions with Council are in advanced stages and JQZ will lodge the DA imminently”
“JQZ have a vision for this significant development opportunity that will see this iconic site set the benchmark for the North Shore area in terms of quality and design.” The sites integration with the proposed St Leonards Plaza and interchange was a key driver for our interest in this site.” Mr Zhang said.
“Since JQZ acquired the site, they have been working closely with Council and are well advanced in the preparation of the development application. The design will reflect the high standard and high quality expected of the future of the development.”
The $295 million deal was struck by agents Jeff Moxham of Ray White Commercial NSW, Matthew Meynell from Colliers and Ben Wicks from CBRE.
Jeff Moxham said the development of the site will be a key element in St Leonards’ future amenity.
“It’s a strategic move by JQZ as the development of the site activates a long term vision of Lane Cove. Part of Lane Cove Council’s St Leonards Strategy 2006 has been to activate the vacant land adjacent to the site into a public domain known as the St Leonards Plaza and Interchange and the development of this site is critical to achieving this strategy,” Mr Moxham said.
Mr Meynell said the site’s central location also provides convenient access to several major employment centres which were located within 10kms such as Sydney CBD, North Sydney CBD, St Leonards CBD, Chatswood, Macquarie Park and North Ryde.
Mr Wicks said not only was the site opposite to St Leonards train station it was also a short walk to the proposed Sydney Metro’s Crows Nest Station plus it would offer remarkable uninterrupted city and harbour views
‘88 Christie’ has proved to be a win-win for both vendor and purchaser,” Mr Wicks said.