Firm acts on major real estate purchase

One firm has acted on a major land acquisition by Japanese developer Sekisui House.

Ashurst has advised Sekisui House its major acquisition of a 9.4 hectare site at Wentworth point.
 
Sekisui House, one of Japan’s largest homebuilders, made the $360m acquisition of the site following a competitive tender managed by UrbanGrowthNSW, with a proposal to develop a mixed-use plan of 2,000 apartments.
 
“The property's positioning as a premier waterfront site combined with its 9.4 hectare size made it one of the largest and most unique sites available on Sydney Harbour,” lead partner on the deal Pauline Tan told Australasian Lawyer.
 
“The scale of the proposed development is also distinct in its large scale, with Sekisui House to be constructing 2,000 apartments on the site.”
 
The development will include multiple towers of up to 25 stories, offering views across the Parramatta River and of the CBD and Harbour Bridge.
 
It’s one of Sekisui House’s most significant purchases since it entered the Australian market back in 2009.
 
“We are delighted to have advised Sekisui House in this significant acquisition at Wentworth Point,” Tan said
 
“The site is an excellent addition to the company's existing developments and we are pleased to have advised on this milestone.”
 
Tan said the real estate sector is likely to stay active over the next 12 month period.
 
“This sector of the real estate market will continue to perform strongly because of quality investors such as Sekisui,” she said.
 
Partner Barbara Phair, counsel Lindy Randall, senior associate Elke Scevak and lawyer Joy Yi also acted on the transaction.
 

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