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Newly launched Sydney-based development companies, PERIFA and Abadeen have joined forces to develop a mixed-use commercial and residential site in Putney with an end value of $240 million.

Sitting on an expansive 15,870-square-metre waterfront in the northern Sydney area, the project will be backed by equity partners Mitsubishi Estate Asia Pty Ltd and Phoenix Property Investors.

Fabrizio Perilli, co-founder of PERIFA and managing director of Versatile Group said Pier 20 offers an opportunity to restore and adaptively reuse the heritage-listed buildings. The planned project comes as the Sydney development cycle starts in earnest after a quieter few years due to the global pandemic where construction was put in hold or slowed down significantly.

In Putney, Joe Tack, chief operating officer at Adabeen said, the acquisition represents a “rare opportunity” to regenerate a significant infill site with 300 metres of waterfrontage.

 

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