2321 GMT - A new opportunity just opened up for Scentre in northern Sydney. Its landholdings around the Westfield Hornsby mall have been rezoned by a program overseen by the New South Wales government. Morgan Stanley says this new scheme could lead to 2,300 apartments on the site. For Scentre, it could "could generate A$230 million+ value in air rights if sold to a third-party developer, even assuming a very conservative A$100,000/lot," analyst Simon Chan says. Scentre last provided a book value of A$977 million for the Hornsby site in June. It represents some 3% of Scentre's property portfolio. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 26, 2024 18:21 ET (23:21 GMT)
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