Company History

In 1987 Desane was listed on the Australian Securities Exchange, owning a number of commercial and industrial properties and a construction business.

Since listing on the ASX, Desane was able to commence its property accumulation and development program.

In the early 1990’s, Desane acquired a large commercial property on the corner of Ross Street & St John’s Road, Glebe. Desane redeveloped the site as The Glebe Quarter, restoring the previously dilapidated building faithfully and in keeping with the heritage significance of the area.

In the mid 1990’s, Desane acquired a disused and dilapidated 5 storey commercial building in the Sydney suburb of Camperdown, formerly owned by Grace Bros. Desane developed the Mallett Street site, with the aim of ensuring the adaptive re-use of the interiors to office, whilst retaining the external integrity and heritage significance of the building.

In the late 1990’s, Desane developed a residential townhouse project in the Sydney suburb of Annandale, through a joint venture arrangement. The project yielded approximately 22 residential townhouses and was sold in 1999.

In 2003, Desane commenced the process of assessing the economic viability of alternative land use opportunities for its 10,000m² property located at 52-54 Pyrmont Bridge Road, Camperdown. Several options were explored, however the Group decided to sell its interest in the property in 2004.

In 2007, Desane commenced the process of rezoning the 12,000m² former Tuta Healthcare site in the Sydney suburb of Lane Cove to high density residential. In 2012, the Joint Regional Planning Panel (JRPP) approved the project, providing 218 residential units, over 5 towers, for the site. The property was subsequently sold with development approval for $40 million in 2014.

In 2009, Desane developed and sold a seven-unit commercial strata complex in the Sydney suburb of Lidcombe.  The development realised $5.2 million in sales revenue for the Group.

In 2015, Desane developed its mixed use site in the Sydney suburb of Rozelle. Easton was a 32 residential apartment development which was well received by the market. On realisation, the project delivered a development profit to the Group well in excess of the typical return for a project of this size.

The Group’s original vision is continuing to be fulfilled, with the accumulation and realisation of property assets,  increasing rental income from the assets it holds and accelerated earnings through development and “add value” opportunities.

 

Annual Reports