Chinese Government Restrictions Allows Sydney Developer to Swoop in Pymble

A Pymble site has been purchased by a local developer for $32 million after it failed to settle to a syndicate of Chinese buyers.

The amalgamated site, on Sydney’s north shore, is located at 2 & 4 Everton Street and 2-8 Pymble Avenue and has council approval for 98 units and a shop. It also has approval for 156 car parking spaces.

Restrictions imposed by the Chinese government are making transfers of capital out of the country more difficult and increasing the chances of Chinese buyers not completing acquisitions -- an opportunity for some.

The news comes as Dalian Wanda places five of its largest international projects, including Jewel and One Circular Quay on the market.

The 7879-square metre site is on an elevated corner with panoramic views and within 100 metres of Pymble Railway Station. It is currently occupied by three dwellings and is zoned as high density residential.

[Related reading: Chinese Investment Plunges 51% but Remains Ambitious in Australia]The marketing agents were Savills’ Stuart Cox and Neil Cooke. There were reportedly about 20 interested parties in the property. Most of the construction certificate works have been completed.

"Even better is the fact the draft construction certificate has already been issued, which states that all pre-CC conditions of consent have been satisfied, and confirms that only the payment of the standard contributions is required in order for the construction certificate to be immediately finalised, which saves significant time and costs," Savills' Neil Cooke said.