In a sign of just hot how the Sydney market is, property developer Fridcorp and its capital partner Wingate have just sold an Erskineville site for almost $70 million. The 1.2 hectare site has the potential for 230 apartments, and is located along Coulson Street which is adjoining Fridcorp's Eve development, a $145 million apartment complex due for completion in 2016. Fridcorp purchased the two parcels of land, the one sold and the one where Eve is being built, in October last year for $56 million in total.

The 197 apartments in the Eve complex have already been pre-sold. Eve is the first Sydney development for the Melbourne-based Fridcorp. Despite selling the neighbouring site less than a year after it was purchased, Fridcorp's Director Paul Fridman said the company remains committed to growing in Sydney and will continue to explore more opportunities there.

The neighbouring site was sold to B1 Group by McGrath Projects Directors Steven Chen and Michael Chen, who brokered the deal within a 48-hour period. Steven Chen said the Sydney-based B1 Group had been looking for key sites in the inner west, and Fridcorp’s second stage of their Erskineville project was outstanding timing.