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09 August 2015 Posted by 

PAYCE SELLS HALF SHARE for $100M

LISTED property developer Payce Consolidated will sell its half stake in the 2.6-hectare Bay Park project, in the Auburn local government area, in a $100 million deal.

The project is located in the established Waterfront development project, at Wentworth Point, on the Parramatta River.

The Bay Park project, in which Payce entered into a joint venture with Japanese developer Sekisui House, in June 2013, to develop the precinct, has concept-plan approval which is expected to include about 680 residential apartments.

Payce is also undertaking a 1.8-hectare mixed-use development, nearby, at the Sydney Olympic Park ferry terminal, in a joint venture with Sekisui House, to deliver up to 250 residential units.

The pair’s ventures in Western Sydney also include Royal Shores Ermington, a 2-hectare site on the Parramatta River, at Ermington, for 612 residential dwellings, and the acquisition of two adjacent tenanted industrial sites, totalling 16 hectares, in Melrose Park, near Ermington, for $118.5 million.



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