Sydney-based developer Lincon is seeking a development partner for a $600 million residential development in Sydney's inner-east.
After acquiring the 2.1 hectare site at 106-116 Epsom Road, Zetland in 1994, Lincon received development approval for the project comprising 546 apartments over four individual buildings, scheduled to be developed over three core stages spanning a five-year period.
Lincon founder Daniel Linn has now been on the lookout for a company who can help them see their development become a reality.
“We are now seeking an experienced residential development partner that will share our vision and form a lasting business relationship with us,” Mr Linn said.
Marketing agent Andrew Antonas, who is running the campaign, said this was “the market call of 2017”.
Quite simply, on-market opportunities like this are beyond rare in today’s market. The hard work has been done – the design competition is complete and the DA approval has been secured.
Antonas said the apartment market was slowing in certain parts of Sydney. “But Zetland and the inner-Sydney corridor is a sweet spot. It is one of the markets that are still going well,” he said.
Following a design competition involving nine high-profile architects, a total of four practices were selected to deliver Lincon’s project including Architectus, BVN and MHN Design Union in collaboration with Neeson Murcutt Architects.
Located close by the Green Square train station and town centre, the project will also feature a through-site pedestrian link that acts as a gateway to the development and leads to a shared-way connecting the four buildings.
Development manager Census Advisory is responsible for advising on the selection of Lincon’s future development partner. The partner will be required to contribute residential development experience and capital to the project.
“This is much more than a one-off transaction for Lincon, we want to find a trusted and capable builder or developer to partner with for the next five years on what is one of the most significant residential developments in South Sydney," Census Advisory principal Ben Bacon said.
"Our involvement ensures a transparent and fair process for all parties.”
Over 6,000 square metres of the site will be dedicated City of Sydney Council to form part of the new Gunyama Park Aquatic and Recreation Centre.
Lincon's portfolio currently has a pipeline of some 900 apartments including a potential 400 apartment project in Turrella.
Lincon will look to choose a partner after receiving proposals until 8 December, 2017.