sources:
Chinese developer Macrolink and its joint venture partner Landream have secured a record price for strata retail property after selling the four levels of shops and restaurants at the base of their luxury apartment project Opera Residences, overlooking Circular Quay, for more than $40 million to a private family.
Macrolink is one of China's biggest developers while Melbourne-based Landream, led by Kevin Li, is developing the Zaha Hadid-designed tower at 600 Collins Street that will include a Mandarin Oriental luxury hotel.
The off-the-plan deal for 980 square metres of prime retail space at 71 Macquarie Street was struck on a sub-4 per cent yield – one of the lowest on record for strata retail investments of this size – securing the family ownership of one of the city's best harbour front commercial sites.