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Old June 8th, 2019, 06:13 AM   #1141
deardreamer
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Old June 8th, 2019, 06:18 AM   #1142
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Old June 8th, 2019, 08:06 AM   #1143
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Thanks for the pictures of GrandH deardreamer, I fixed the links and did a little bit of resizing (just remember to add .jpg to the address when you copy the link)

GrandH occupies quite a prominent position as it's in the centre of Hurstville's very long skyline and sits at one of the highest points on the ridge. I've indicated its position on Culwulla's photo below:

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Old June 8th, 2019, 08:56 AM   #1144
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'The One's' developer has gone into receivership:

Quote:
25 apartments on the market after developer goes into receivership

Su-Lin Tan
Reporter
Jun 3, 2019

A group of 25 apartments in the Sydney suburb of Hurstville has hit the market following the collapse of its private developer GR Capital as the apartment market slowdown continues to claim casualties.

In an all too familiar trend, receivers and managers Ferrier Hodgson were appointed to sell the unsold units at "The One" tower at 1-5 Treacy Street in one line after GR Capital's private lender Everest Financial triggered the receivership.

Ferrier Hodgson is working with Everest and builder Gencorp to ensure GR's project, worth nearly $50 million completes as scheduled in the third quarter of the year. The other 50 units of the 75-unit project sold previously, and construction at the project is underway.


Colliers International's Matthew Meynell, James Cowan and Joseph Lin are managing the sale of the 25 residual apartments after recently completing another one-line sale of 61 apartments in Epping in Sydney's north to boutique investor Altis Property Partners.

"When you look at the profile of developers getting into difficulty, they are typically offshore developers without a proven track record in the local market," Mr Meynell said.

"APRA’s tighter banking regulations, China's restriction of direct investment into residential real estate and higher stock levels are also factors contributing to the challenges some of these developers face."

Mr Meynell expects there will be plenty of interest from investors looking to hold residual apartments as rental apartments while waiting out the soft housing market, expected to lift again in the next year or two after early signs of buoyancy in recent weeks.

He says high net worth groups, sovereign wealth funds, listed property funds, social infrastructure groups and build-to-rent groups are likely contenders for the units.

The 25 units - a mix of one, two and three-bedroom apartments - are located next to the train station and Westfield Shopping Centre and are being sold with 26 car spaces. They are expected to sell for around $12 million.

Hurstville is a popular residential suburb and a hit with apartment developers in the recent boom but project exits are starting to mount, including Fridcorp and Wingate's development at Forest Road.
(paywalled) https://www.afr.com/real-estate/resi...0190603-p51txq

The development last month:



The One, Hurstville Sydney by cnd
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Old June 10th, 2019, 05:23 PM   #1145
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