Chinese developer JQZ has launched the first stage of its three-tower St Leonards development to market, after acquiring the site for $295 million late last year.
The North Shore development, to be known as “Eighty-Eight by JQZ”, is located at 88 Christie Street, St Leonards, opposite St Leonards train station. It will comprise two residential towers of 47 and 26 storeys, accommodating 654 apartments in total, as well as a 15-storey commercial and retail building fronting the Pacific Highway.
The developer launched Eighty-Eight to market on Sunday, with 70 per cent of 180 stage one apartments selling on the day.
The site boasts Sydney Harbour views and is expected to start construction in August 2018, with completion expected by 2022.
JQZ purchased the site from local developer Dyldam for $295 million in 2017, beating “several parties” to the site that attracted major developers including Meriton, Mirvac and Greenland. The site is located within the 20-hectare St Leonards South masterplan.
Related reading: Major North Shore Asset Hits the Market for $80m
Dyldam had purchased the main part of the site in 2016 from Winten Property Group for a reported $175 million and then worked on enlarging the land holding. It purchased seven more sites around 88 Christie Street that would bring more than 70,000 square metres of developable floor space and submitted plans for a tower.
After acquiring the site JQZ founder Jian Qiu Zhang immediately set about creating and lodging his own plans for St Leonards.
“JQZ has a vision for this significant development opportunity that will see this iconic site set the benchmark for the North Shore area in terms of quality and design,” he said at the time.
The company was attracted to the integration with the proposed St Leonards interchange.
Selling agents Sunny Properties Group hosted the rent sales launch.
“We’ve deliberately timed the launch of Stage 1 sales at Eighty-Eight By JQZ to coincide with Chinese New Year celebrations, capturing international buyers who are enjoying Sydney’s warmer weather during the Chinese winter,” Sunny Properties Group marketing agent Sunny Wu said.
At St Leonards the apartment project includes one, two and three-bedroom apartments, as well as five 5-bedroom penthouses with private lifts.
“All apartments will enjoy amazing views, while residents will also have access to a rooftop pool, a lively ground floor laneway retail and dining precinct, a major supermarket, and the future St Leonards Public Library,” Wu said.
Designed by architect PTW and Arcadia Landscape Architecture Eighty-Eight will feature a 30,000 square metre combined commercial and retail space, and will adjoin the future of St Leonards open-air civic plaza, which will branch out over the neighbouring railway line.
JQZ was established in 2010 and has become one of the most active Australian-Chinese developers and builders with a book of about $3.5 billion in residential projects.