Rapidly expanding property developer Aqualand, backed by its mainland China-based parent Shanghai Shenglong Investment, has acquired a 13,215 sqm office and warehouse facility in Sydney’s Macquarie Business Park in the north of the city for A$54 million (US$41 million), as the residential builder continues to buy up sites in the Sydney area.
The acquisition is Aqualand’s eighth project in the Sydney area and part of a burgeoning portfolio of assets held by the Shenglong Group outside of China.
Buying an Industrial Site in Up-and-Coming Residential Area
Aqualand and Shenglong bought the commercial property from local developer Altis Property Partners with an eye to the facility’s annual rental income of A$3.1 million according an account in the Australian Financial Review, saying that there were no immediate plans to convert the property for residential use.
However, the project site is close to other recently initiate apartment projects including Chinese megagroup Greenland’s “nbh at Lachlan’s Line” and Country Garden’s Ryde Garden. Of Aqualand’s seven other acquisition in the Sydney area, all have been developed for residential use.
The site, which has easy access to Macquarie University and is served by two train stations is also close to Hong Kong-listed Chinese developer China Overseas Holdings’ first Australian residential development, the Parklands.
In addition to the group’s projects in Australia and China, in California, Shenglong subsidiary City Century is planning two projects near Los Angeles’ Staples Center arena. Both of the projects of the US branch of the Chinese investment group are just a few blocks away from Beijing-based Oceanwide’s Fig Central project, and less than a mile away from Shanghai-based Greenland Group’s Metropolis project in Los Angeles.