One of North Sydney’s landmark development sites has been acquired by Hong Kong based
Pacific Alliance Group, appointing receivers
Ferrier Hodgson to the $400 million, 1 Denison office tower project.
The Korean backed Eastmark Holding development, fraught with long delays, fell behind rival projects and was unable to lock down recommitments on the site.
According to The Australian, Ryan Eagle and Peter Gothard of Ferrier Hodgson were appointed in late October and have since been working to protect the site’s valuable development approval while continuing to explore the sale of a small office stratum that is part of the site.
Pacific Alliance Group have increased their market share in Australia last year, with the purchase of more than $600 million worth of assed from GE Capital’s suburban office.
According to sources, developers are likely to chase the opportunity to build a major tower on the site.
Launched late last year, Eastmark launched its project for the site with hopes of its proposed 30-level building would be the largest commercial tower in Sydney, measuring in at 40,270 square metres of floor space.
However the company was beaten to the market by Leighton properties – a 30-level A-grade building pre sold to Singapore’s
Suntec REIT for $413 million.