Trent Gallagher of Colliers and Adam Bodon of Adam Charles have successfully sold 850-858 King Georges Road in South Hurstville for $12 million. The DA and CC approved mixed-use development site exchanged last Wednesday, sold on behalf of a private vendor to a private developer.
The prime corner location, offering a 2,025 sqm parcel of land, received strong interest from the market and a high level of enquiry.
“The sale demonstrates the significant shift in demand for well-located sites, with the site selling for more than 20 per cent than what it last traded for in 2020,” Mr Bodon says.
As the overall residential market continues to push forward strongly, the unit market is also strengthening, leading to greater demand for attractive residential sites, as Mr Gallagher explains.
“The market is as strong as we have ever seen it, even in these uncertain Covid times. Enquiry remains very high, and we are extremely positive about the months ahead,” Mr Gallagher says. “Boutique sites in particular are in high demand as they offer less risk and greater leasing flexibility.”
Successful local developers, the purchaser will be building a boutique residential complex along with commercial/retail outlets. The location offers a premium DA approval for 57 apartments, as well as three commercial/retail premises. There is further value-add potential to accommodate a childcare centre and B2 local centre zoning for a wide range of uses.