Artist's impression of Fricorp's Eve development
Property developer Fricorp along with its capital venture partner Wingate have announced the sale of their new Erskineville site to B1 Group for an impressive $65-$70 million.
The sale follows the highly successful launch of their $145 million 'Eve' development last year, also located in Erskineville.
Eve, set for completion in the first half of 2016, is Fridcorp's first Sydney development, which exceeded all expectations on launch day. Fridcorp intends to continue its growth and development in the Sydney market with a number of projects in the pipeline.
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The 1.2 hectare site with the option to have approximately 230 apartments was sold by McGrath Projects Directors Steven Chen and Michael Chen who brokered the deal within a 48-hour period.
"The Sydney-based B1 Group had been looking for key sites in the inner west and Fridcorp's second stage of their Erskineville project was outstanding timing," Mr Chen said.
Fridcorp Director Paul Fridman said, "We are committed to our growth in the Sydney market and together with Wingate have seen great success from the launch of Eve in Erskineville and will continue to explore more opportunities here."