Investors scramble to secure coveted residential development land in Sydney.
A private family in Sydney are selling three separate lots of land with a value of over $100 million in Rosebery, part of an area undergoing rapid transformation from industrial to residential.
Located at 12-40 Rosebery Avenue and 108 Dalmeny Avenue, Rosebery, the site consists of a large area of 15,215sqm with existing industrial and commercial buildings equating to 11,722.80sqm generating an existing rental income in excess of $2,000,000 + GST.
The site has a huge dual frontage in excess of 170 metres to both Rosebery Avenue and Dalmeny Avenue and is located within one of Sydney’s strongest new apartment suburbs, with a potential Gross Floor Area of 32,864.40sqm and a height limit of 29 metres.
According to exclusive sales agents Michael Crombie and Trent Gallagher of Colliers International, Rosebery is one of the hottest markets in Sydney currently for residential apartments, driven by its close proximity to Sydney CBD and its new trendy food precincts, making it a desirable place to reside for the purchasers of the end apartment sales.
Michael Crombie, Director in charge of South Sydney for Colliers International said, “This is one of the best sites to come onto the market in 2016, it has great scale, over multiple titles, quality buildings and solid income, allowing staging of the development.
“Well known developers have focused heavily on the Rosebery precinct, including Meriton, Mirvac, Stockland, Top Place, LivStyle & JQZ as Rosebery provides a lifestyle choice for the discerning investor or occupier, with so many new trendy eateries within the precinct”.
Mr Crombie went on to say that the Council’s new Gunyama park and Aquatic Centre have dramatically assisted the local developers into luring high pricing and solid buyers for this precinct.
The site is approximately 1.2 kilometres to the south east of the Green Square Station and Green Square Town Centre. Located near local parks and reserves and the new Green Square Aquatic Centre. The site is also conveniently located near public transport, Sydney CBD & Sydney International & Domestic Airports.
According to Trent Gallagher, Director, Property Sales & Leasing for Colliers International, “Rates being achieved in nearby residential development projects such as “Symphony” by Meriton a 215 unit brand new development on Epsom Road, Rosebery due for completion mid 2017 are as high as $19,000 per square metre.
“Rosebery is recognised by many apartment purchasers as a safe and sound suburb due to its close proximity to Sydney CBD, Sydney Airport, major motorways, public transport and retail amenity” he said.
12-40 Rosebery Avenue and 108 Dalmeny Avenue, Rosebery is for sale through Colliers International via expressions of interest, closing on 6 December 2016.