Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Desane Group Holdings (DGH) has received development approval for its boutique residential development in Sydney’s inner west
  • The new building will include nine residential apartments, one ground floor retail commercial space and ten basement car spaces
  • Desane’s new building will be located in Leichhardt, around five kilometres from the Sydney CBD
  • Construction is expected to commence in August 2021
  • Just before the market closes today, Desane is down 1.26 per cent and is trading at $1.18 per share

Desane Group Holdings (DGH) has received development approval for its boutique residential development in Sydney’s inner west.

The green light was awarded by the Inner West Council to DGH’s subsidiary Desane Properties (DGH).

Desane’s new building will be located in Leichhardt, around 5 kilometres from the Sydney CBD. The property is a short walk from Norton Street’s vibrant restaurants, cafe and cinema precinct.

The approval is for a mixed development comprising nine residential apartments, one ground floor retail commercial space and ten basement car spaces.

Construction is expected to commence in August 2021 and will have an end value in excess of $11 million.

“Residential projects with development approval in the Inner West Council area are scarce,” Director Rick Montrone said.

“The development of this project will complement our nearby approved 46‐apartment project located at Allen Street, Leichhardt,” he added.

Desane purchased the 607-square-metre property in 2019 for $3.4 million.

Just before the market closes today, Desane is down 1.26 per cent and is trading at $1.18 per share at 2:00 pm AEST.

DGH by the numbers
More From The Market Herald
Irongate Group (ASX:IAP) - CEO, Graeme Gaetz

" Irongate (ASX:IAP) rejects third takeover bid from 360 Capital (ASX:TOT)

Property group Irongate (ASX:IAP) has rejected yet another takeover bid from fellow ASX-listed 360 Capital (ASX:TOT)…

" Centuria partners with Compass Housing and Tetris Capital

One of the largest social and affordable marketing partnerships in NSW has been established with Centuria…

" Attree Real estate​ to trial AssetOwl Inspector360 platform

AssetOwl Limited has announced the signing of leading real estate group Attree Real Estate to trial…