Page 25 - ar2011_2012

23
ANNUAL REPORT 2011/2012
Operations Review
The demand for large prestige apartments
has not been as robust compared with the
more affordable smaller units but we are
convinced that our properties offer good
investment opportunities, given their unique
location in the historic precinct of The Rocks
where no more residential towers are allowed
to be built. Hence, we are prepared to hold
until prospects improve if there are no suitable
buyers.
In the suburb of Sydney, we are awaiting the
authorities’ approval for the redevelopment
of Stamford Grand North Ryde. Our proposal
for this 22,400-square metre site is an A$375-
million development named Macquarie Park
Village. It comprises 10 towers of up to 18
storeys, totalling some 625 apartments. The
growing number of executives working in the
hi-tech Macquarie Park would provide a ready
pool of potential homebuyers. This fourishing
science and technology business park houses
well-known multinational corporations such
as Optus that has its headquarters there with
over 6,000 employees.
The proposed development is also very
near Macquarie University and Macquarie
University Hospital and is just 20-minutes’
drive to the Sydney CBD. Given its excellent
location, we believe it would be attractive
not only to homebuyers but also to property
investors as well to take advantage of
attractive rental yield in the area. We hope to
commence pre-sale of the units in the middle
of FY 2012/13. The show apartment and
project display facility is targeted for opening
to the public by 1 October 2012.
In December 2011, plans for the
redevelopment of Sir Stamford at Circular
Quay in Sydney were lodged with the
Council of the City of Sydney. In early April
2012, we took the decision to withdraw the
development application. The decision to
withdraw was made on the basis of certain
historic and urban design considerations. It is