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LISTED DEVELOPER SELLS HALF STAKE

Payce Consolidated in $100M deal

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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Michael Walls
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Access News is a print and digital media publisher established over 15 years and based in Western Sydney, Australia. Our newspaper titles include the flagship publication, Western Sydney Express, which is a trusted source of information and for hundreds of thousands of decision makers, businesspeople and residents looking for insights into the people, projects, opportunities and networks that shape Australia's fastest growing region - Greater Western Sydney.