A Chinese developer has paid a reported $45 million for The Compass Centre, an office block in Sydney's Bankstown.
As reported in The Australian Financial Review, Ganghui Pty Ltd purchased the property at 85-89 North Terrace from The Banna Property Group who have owned the building for more than 20 years.
"This is arguably a key strategic site for the renewal of the Bankstown CBD," said Colliers International agent Harry Bui, who brokered the deal alongside Colliers' James Wilson and Knight Frank agents Dominic Ong and Terry Hassan.
The six-story office block was sold with a design scheme that envisions an 8000sqm shopping centre and a 477 apartment building, subject to council approval.
The investment comes after private developers have spent more than $550 million on developments in the Bankstown area during 2014. A further $200 million is under assessment by the council.
Speaking to The Australian Financial Review Knight Frank's Dominic Ong said, "Bankstown is set to boom over the next 20 years with expected population growth dramatically revitalising the suburb, driving it to become one of the largest regional cities of Sydney."[googlemaps https://www.google.com/maps/embed?pb=!1m14!1m8!1m3!1d3310.921806380955!2d151.0345375!3d-33.917412!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x6b12bc1ab79c5a39%3A0x75964985ca4fb1a1!2s85%2F89+North+Terrace%2C+Bankstown+NSW+2200!5e0!3m2!1sen!2sau!4v1428364641235&w=600&h=450]