Recent Sales

"ABC SITE TO HOST HIGH-TECH PARK"
The Australian Financial Review - 9 October 2007
Robert Harley

Peter Campbell's Lindsay Bennelong Developments has bought the former ABC site at Gore Hill on Sydney's Lower North Shore for $70 million and plans a $320 million high-tech business park and motor showrooms.
Mr Campbell made his fortune in housing, transforming Clarendon Homes into a broad residential business and selling the operation to the Investa Property Group at the height of the NSW housing boom. He said the size and location of the Gore Hill site presented the opportunity to create a benchmark commercial and industrial development.
"Our vision is to create an engaging business environment that is aesthetically appealing and environmentally responsible," he said.
The 4.5 hectare site, which wraps around the well-known, Broadcast Australia-owned transmission tower, occupies a key position on Sydney's north shore, with an extensive frontage to the Pacific Highway and easy access to most parts of the metropolitan area through the Gore Hill Freeway.
In 2004, the ABC sold the site to Investec Bank and Developmentlink Corp for about $35 million, but after gaining development approval the joint venture has moved on.
Lindsay Bennelong extended the site, buying the 1200 sq m former service station on the Pacific Highway or $4.5 million, and will lodge a new development application.
"The service station held the key to the prime corner of the site," Mr Campbell said. "We could have developed successfully around it, but having the service station makes it an iconic site."
The development would feature as much as 71,000 sq m in a combination of offices, premium showrooms, retail precinct and high-tech industrial space.
"Buildings will showcase exemplary contemporary architecture and sit within extensively landscaped open spaces," Mr Campbell said.
"Environmental initiatives such as reducing carbon output, maximising energy efficiency and conserving water will only become more important in the future.
"We are committed to incorporating contemporary design principles and advanced technology, to create the highest possible level of environmental sustainability."
Lindsay Bennelong development manager David Flanagan said the new plan, which is being designed by Cameron Chisholm & Nicol, was largely a shift of emphasis without any change to height or floor space ratio.
More motor showroom space - about 5000 sq m - will be developed along the Pacific Highway frontage, and more office space along the spine of the site to take advantage of views, particularly to the west.
"There seems to be significant demand and limited opportunity along the Pacific Highway - we have been contacted by a number of major motor users," Mr Flanagan said.
Leasing for the project is being handled by Mike Stokes of Chesterton International and Brad Sutton of Taylor Nicholas.
"The timing of the acquisition is impeccable," Mr Stokes said. "The demand for A-grade office accommodation in Sydney is increasing strongly."
The new development application is expected to be lodged before the end of the year and, if approval can be gained, the first stage could start appearing by the middle of 2009.
Mr Campbell said he was determined to create "innovative developments that combine cutting-edge design, state of the art construction techniques and a commitment to being at the forefront of environmentally sustainable development."
The first Lindsay Bennelong project is an apartment development in Rushcutters Bay in Sydney's eastern suburbs - a site Mr Campbell sold to Investa with Clarendon and bought back late last year.
As completion is due in 2009, Lindsay Bennelong should start selling off the plan in November through Ray White Double Bay.

"ARISTOCRAT'S SALE OF THE CENTURY"
The Australian Financial Review - 18 September 2007
Robert Harley

Aristocrat Leisure has put its surplus industrial and commercial holdings in south Sydney up for sale as it prepares to move to new headquarters at Macquarie Park.
One property sold for about $10 million earlier this year and another three that might bring nearly $50 million go up for sale this week.
The agent handling the latest sales, managing direct of Taylor Nicholas, Peter Taylor, said Aristocrat's holdings, which spread across three hectares in Rosebery, were a rare event in the best industrial suburb in south Sydney.
Expressions of interest, either in one line or separately, close on October 11.
The properties are:
*A four-storey office building of about 5500 square metres at 55 Mentmore Avenue that Aristocrat will sell on a short-term leaseback that Mr Taylor said would ideally suit another owner-occupier.
*An older-style industrial building at 115-133 Dunning Avenue, on the corner of Morley and Hayes streets, which, on 7500 sq m, would suit refurbishment or redevelopment.
*A two hectare island block bounded by Dunning Avenue, Mentmore Avenue, Hayes Street and Harcourt Parade that would suit refurbishment or redevelopment.
Late last year Aristocrat, advised by Grant Samuel, pre-leased a new 15,400 sq m facility in the Goodman Group's Pinnacle Office Park at Macquarie Park.