Following the sale of the Cairns Pullman Hotel last year, BRW Rich Lister Robert Magid has continued the rationalisation of his extensive investment portfolio with the offloading of a development site at Pagewood in Sydney.
The Australian reports Mr Magid received $41 million from the sale of the 19,000 sqm site at 32 Page Street, Pagewood, to Visionary Investment Group. The site has a conditional approval for 209 apartments and 35 townhouses.
Mr Magid has held the property for more than seven years but would not disclose what he paid for it.
“I sold it because developers today are paying much higher prices than I would have considered it worth developing,” Mr Magid told The Australian. “I bought it for considerably less. For me it’s a good profit, I don’t have a building company... it was worth my while selling it rather than developing it.”
The Pagewood sale is the latest in a strong of disposals over recent times by Mr Magid's TMG Developments.
He sold a southern Sydney site at Rosebery approved for 600 units to developer Toplace for $75 million in 2013, then in May last year he sold the iconic Cairns Pullman Hotel. Melbourne’s Shakespeare Property Group pipped two Chinese buyers for the hotel. He was also part of the consortium that sold Sylvania’s Fitness First gym to Industry Superannuation Property Trust.
Through his company TMG Developments, Mr Magid has been involved in numerous property developments, including Sydney’s Manly Wharf and Rosebery Park. He owns hotels including Melbourne’s Hotel Lindrum and the Sebel Pier One Hotel in Sydney. His commercial portfolio includes 1 Collins Street in Melbourne’s CBD.