Park Sydney is a mega housing project in the inner part of Sydney which is a joint project between Golden Horse and Greenland Australia. The developers decided to sell the retail strata project which spans a total of 10,000 square metre. They were able to close a deal worth almost $100 million. As projects as big as this, strata painters in Sydney were most likely the ones who did the exterior painting.
The twist in the story is that the buyer of the development is Golden Horse itself. With this deal, the developer is now the sole owner of the strata and deemed to be a retail investor in this case. Leading supermarket groups in the country including Woolworths and Coles by Wesfarmers have been trying to get a deal with the property in order to be considered as anchor tenants.
The area where the project stands used to be an industrial zone but it has already undergone gentrification. The property is located in Erskineville which is under the Ashmore precinct. It is only six kilometres away from the central business district of Sydney. Park Sydney is considered to be one of the biggest projects intended for mixed-use purposes.
The total size of the development is 6.9 hectares and it will provide the suburb its very first and biggest commercial hub along with walkways, restaurants, cafes, retail outlets, park covering 7400 square metre, cycleways and childcare centres. As of the moment, there is no major supermarket located within the suburb.
Golden Horse purchased the site for $380 million from Goodman Group back in 2015. The partnership with Greenland happened in 2016 and this is when they decided to build the project worth $1.6 billion. The project is divided in a number of phases and a total of almost 1000 apartments are expected to be available when completed. The units have already started selling.
During the partnership, Greenland holds 60 per cent of the total share. Many experts in the industry are not surprised by the recent sales because retail investment has never been the field of expertise of Greenland. With the rise of strata developments in the country, strata painters in Sydney are in demand like never before.