China’s Poly plans major Ascot project
Chinese-backed developer Poly Australia has secured its first acquisition in Queensland and has unveiled plans for a major residential project in the Brisbane suburb of Ascot.
The group, an active residential and commercial developer in Sydney and Melbourne, snapped up a site on corner of Lamington St and Mordant St for $35.25 million.
The 62,090sqm parcel is 7km from Brisbane’s CBD and is marked for expansion under planning rules.
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The site has approval for 20 super lots, a park and drainage system and Poly will review these plans and work up its own scheme. Poly’s initial plans include townhouses and apartments, along with a public park which will be handed back to the local council.
The Chinese developer entered Australia in 2015 but now appears keen on Queensland. “We … are beginning to build a team for our Queensland operations,” Poly Queensland’s chief representative Xiaowei Xue says.
“We are very excited to enter this market and our team can’t wait to begin to build a presence and deliver quality developments across Brisbane and beyond.”
JLL’s Elliott O’Shea and Sam Byrne sold the property for the private Ellison Properties. That company bought the site for $4.2 million in 2002 and has worked up the plans.
O’Shea says Poly will make more acquisitions in future as it grew its operations.
“Poly have a vision for this site, and their presence in Queensland stands to have a broad impact on both the residential and commercial markets. We have no doubt this is the first of many more opportunities JLL will partner with Poly,,” O’Shea says.
The site is near the city’s Eagle Farm racecourse and it will benefit from the upgrade of Kingsford Smith Drive.
This article originally appeared on www.theaustralian.com.au/property.