BRITISH American Tobacco has fielded more than 20 inquiries for its 16.8ha Pagewood site in Sydney’s east, with property executives expecting the holding to fetch as much as $120 million.
High-profile developers including Meriton, Crown and Payce are among six shortlisted parties vying for the site just north of the Eastgardens Shopping Centre.
The property has masterplan consent for more than 1700 dwellings, following a recent rezoning by Botany Council allowing residential development.
Property group Archerfield is acting for BAT and is running a select off-the-market expressions-of-interest campaign. The winning bidder is expected to be named next week.
British American Tobacco plans to demolish much of its existing plant on the Pagewood site, retaining some administration facilities, while moving manufacturing facilities offshore.
The masterplan is for a mix of townhouses and apartment blocks up to 14 storeys high, with shops, commercial buildings and other non-residential uses at the south end of the site, with potential for integration with Eastgardens Shopping Centre.
It would include a public town square and central park lined with shops, cafes and restaurants.
The site presently houses a large car park.
Archerfield did not return The Australian’s calls yesterday.
Source: The Australian