White & Partners capitalised on higher density rezoning in Lane Cove and secured an option over four properties totalling 4,402sqm for $15 million, or $190,000 per proposed apartment.
Whilst the rezoning created more supply, White & Partners recognised that the site benefited from being close to the vibrant Lane Cove Village and public transport. A bus ride to the Sydney CBD takes 10 minutes.
White & Partners achieved Development Approval for 79 residential apartments over six levels, including two levels of basement parking for 126 vehicles. Apartments ranged in size, with the majority being 1 or 2 bedrooms. There were also limited 3 bedroom penthouse style units with 360 degree views of the Sydney CBD, Blue Mountains and Chatswood CBD.
To differentiate the Project in a competitive market, White & Partners embarked on an extensive marketing plan including the establishment of a high quality display suite in the heart of Lane Cove Village.
Despite headwinds from competitive local supply and subdued market conditions prevailing at the February 2013 launch, the Botanic was 100% sold in six months. Senior bank debt was secured with National Australia Bank. Construction commenced under a fixed price contract in June 2013 and was completed by September 2014.