Gateway to the Carter Street precinct comes to market with potential for over 500 apartments
A 3.15ha development site located at 12-14 Birnie Avenue Homebush has come to market, offering developers a site with potential for a mixed use development with 500 apartments and associated retail and commercial space.
The site, which is currently owned and operated by Swire Cold Storage, was rezoned in November 2015 and due to recent planning control changes can now accommodate a high density residential and mixed use development (subject to approvals). Located in one of Sydney’s fastest growing suburbs, the Swire site is in close proximity to recreational, entertainment and educational facilities and employment nodes, and is well served by rail and road transportation, with Sydney Olympic Park Station close by and the West Connex project, currently under construction.
“The redevelopment of the Sydney Olympic Precinct, including the adjacent Carter Street Industrial areas, to a highly desirable residential and mixed use area continues to gain traction principally due to its location, amenities and transportation infrastructure,” said selling agent, Guillaume Volz of Colliers International. “In 2010 the residential population for Sydney Olympic Park was only just emerging. By the end of 2015 the population had grown by 87.5% to over 14,000, and with similar growth projections expected over the next 15 years, the population of workers, residents and students is forecast to increase to 31,500.
The current planning controls recognise the Swire site as the gateway to the Carter Street Priority Precinct and allow for high density residential with a 72m height limit that will optimise city and district views. Part enterprise zoning over the balance of the site will facilitate a combination of retail, commercial and associated uses considered complementary to residential living.
“This is an extremely rare opportunity to acquire a parcel of land over 3ha within the Inner West,” said Director Project Marketing, David Chittenden of Colliers International. “Residential demand for the greater Olympic Park precinct continues to improve. The precinct has been well supported by owner- occupiers looking to benefit from the close proximity to Parramatta, Ryde and Sydney CBD, while being able enjoy extensive park lands, sporting facilities and good transport links.”
The site is also well-located for access to a number of reputable schools including Saint Patricks, Trinity Grammar School, Santa Sabina and Meriden School; and is also conveniently located close to several leading medical institutions, such as Concord Hospital and Strathfield Private Hospital. Retail hubs like The Bakehouse Quarter, DFO Homebush, Sydney Markets, Bunnings and Costco are also nearby.
“With a number of major site transactions concluding at the end of 2015 and early into 2016, we still see high demand for large development sites,” said Mr Volz. “Developers continue to believe the fundamentals of the Sydney property market are strong and following a decade of undersupply, there is significant opptunity to capitalise on the development of properties that offer lifestyle and convenience.”
The property is being offered for sale subject to a short term leaseback via Expressions of Interest closing 17th March, with the transaction being managed by Charter Keck Cramer.
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