THE $350 million Kirrawee brick pit project looks set to go ahead quickly following the purchase of the site by a major development company.
Payce Consolidated paid $61 million for the 4.25 hectare property, which will be the "next big thing" in Sutherland Shire housing after the Cronulla Sharks development.
The approved concept plan for the Kirrawee site provides for 432 apartments in nine buildings of up to 14 storeys as well as 15,230 square metres of retail and commercial space.
Two supermarkets are included and Coles is believed to have been working with Payce.
Payce is already heavily involved in the Sydney apartment market, with several developments in the Green Square and Homebush Bay urban renewal areas.
It advised the stock exchange a 10 per cent deposit was paid on exchange of contracts for the Kirrawee site, with settlement due in the second quarter of next year.
The company declined to comment as the sale has not yet been finalised but it is understood Payce plans to start work in the third quarter of next year.
The concept plan will be reviewed to see if improvements can be made.
Work has taken place this month to clear vegetation from the property on the corner of the Princes Highway and Oak Road.
The site was sold by Henroth Investments, which purchased it from Sydney Water about eight years ago and set about the long process of securing development approval.
PLENTY OF EXPERIENCE
Payce Consolidated has three apartment block developments in Victoria Park, in the Green Square urban renewal project (scroll through photos to see artist’s impression above).
They include East Village, which, like the Kirrawee site, will have residential, retail and commercial components, and another project with 322 apartments.
Payce developed The Waterfront at Wentworth Point, on Homebush Bay, after the 2000 Olympics, and recently entered a partnership to develop remaining land in the precinct into about 600 apartments.
The company also carried out the North Riverwood Renewal Project in partnership with the state government.
See related stories: http://www.theleader.com.au/story/1329882/brick-pit-site-on-the-market/
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