Chinese developer Poly has continued its push for high-quality commercial sites across the east coast to facilitate the growth of its Australian footprint.
According to a report in The Australian, Poly is looking to tie up the acquisition of 59 Goulburn Street, undertaking its due diligence on the refurbished 28-level office building which offers 19,721sq m of lettable space and three levels of parking.
Vendor Fortius Funds Management bought the property in 2017 from Singapore-listed developer Roxy Pacific for $158 million after a tight race.
Fortius has quietly listed the site through commercial real estate agencies JLL and Colliers International.
The play aligns with Shanghai-listed developer Poly's focus on residential, mixed use and commercial development in premium locations.
The Sydney-based developer has built up a sizeable pipeline of local projects in NSW and Victoria since its debut in Australia in 2015, is on the hunt for fresh development sites in Sydney and Melbourne.
Poly has continued its push for high-quality commercial sites across the east coast to facilitate growth of their Australian offices.
Earlier this year Poly secured its first development site in Queensland, buying a corner site in Ascot, Brisbane for $35.25 million.
Poly has also made its first foray into real estate finance and asset management from property development as part of a new global strategy.
The developer entered into a $40 million senior debt deal to a unnamed developer for a residential land subdivision in Sydney's north-west.
“We are confident in the property market in both Australia and New Zealand at this point in time,” Poly NSW executive director Simon Blount said.
“To facilitate the growth of our business in the medium to long term we are naturally in an acquisition phase.”
A spokesperson on behalf of Poly would not comment on the Goulburn Street property, stating “it was not within practice to speculate on any possible future transactions.”
“The thorough investigations that Poly undertake prior to any acquisition are commercially sensitive.”
“Poly’s focus is residential, mixed use and commercial development in premium locations as well as areas that have been identified for future growth by planning authorities.
“Adelaide, Canberra and Auckland have all been recognised as locations for possible future acquisitions as Poly pushes ahead with expansion plans.”
The potential acquisition on Goulburn Street sits alongside a large amalgamated development site anchored by Sydney's infamous Irish pub Scruffy Murphy's.
The 1225sq m site is made up of three lots including 698-704 George Street, 51-57 Goulburn Street and infamous Irish pub Scruffy Murphy's at 43-49 Goulburn Street.