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 Lane Cove Village and public transport (via which a bus ride to the Sydney CBD takes 10 minutes).
Despite headwinds from competitive local supply and subdued market conditions prevailing at the February 2013 launch, Botanic was 100% sold in six months. Senior bank debt was secured with National Australia Bank. Development approval for 79 residential apartments was secured over six levels, including two levels of basement parking for 126 vehicles. Construction was completed on program and budget, within six months.
To differentiate the project in a competitive market, the marketing plan included the establishment of a high quality display suite in the heart of Lane Cove Village.