Desane puts Rozelle site up for lease, weeks after winning landmark court case
It is business as usual for developer Desane Properties which has offered a site in Rozelle for lease, weeks after a landmark court decision stopping the NSW Government compulsorily acquiring the site.
Earlier this month, The Supreme Court of NSW ruled in favour of ASX-listed residential developer Desane, which had fought a two-and-a-half year battle to stop the Roads and Maritime Services acquiring its land to build the WestConnex motorway.
The high-profile commercial site, at 68-72 Lilyfield Road, occupies 5274 square metres and comprises of office and warehouse facilities.
Leasing agent Kristian Morris, from Ray White Commercial NSW – Sydney City Fringe, said Desane had listed the site for lease following instructions from solicitors to return to business as usual.
“It’s been two and a half years of uncertainty and they’ve been awarded a landmark case by the Supreme Court,” he said.
“The building is ready and waiting for tenants. They (Desane) really want to get on with life and lease the building out.”
The leasing rate has not been disclosed, but Mr Morris said similar properties in the locale have achieved $350 to $450 a square metre for office space.
“Flexible leasing terms are being sought at this stage pending discussions with the NSW Department of Planning,” he said.
“The lease term is fairly flexible, with options between three years, to maybe up to five.”
Desane won the court case in early May challenging RMS’s move to compulsorily acquire the Rozelle site. Photo: Supplied
Mr Morris said the site has attracted strong interest so far, with interested parties including contractors related to the WestConnex project.
Despite RMS expressing their intention to appeal the ruling, Mr Morris said Desane is not expecting the court decision to be overturned.
“They are very confident – they’ve just invested more capital into leasing the building,” he said.
While Mr Morris declined to reveal a dollar figure, he said Desane is “very optimistic” about going to market.
The court case took two and a half years to settle. Photo: Supplied
Desane has future plans to develop a $100-million residential project with 200 apartments on the site.
Located five minutes from the Sydney CBD, the building is close to Victoria Road, the City West link and Anzac Bridge.
Basement parking, office areas across two floors and floor-to-ceiling glazing provides views of Rozelle and Blackwattle bays.
Public transport includes State Transit Buses and the Lilyfield Light Rail Station.
