Leichhardt’s development pipeline in Sydney’s Inner West is notorious for being thin on the ground, with only 470 units constructed in the past three years and only 108 apartments in the development pipeline… until now.
After a five year approval process, the most premiere DA approved development opportunity is for sale in Sydney with 139 units DA approved. The rarity of this opportunity is only emphasised by the scale, timing to market and ability to capitalise on an area of buyer demand with limited competition, now or in the near future.
The 7,149sqm residential development site at 141 Allen St, Leichhardt is for sale through Guillaume Volz, Ryan Bennetts and Zhenni Lu of Colliers International on behalf of the vendor, a private family investment group.
The site received Development Consent on 24 October 2016 for a staged development application comprising construction of six residential flat buildings between four and six storeys above basement level comprising 139 units and associated works including basement parking for 124 vehicles.
The site is located approximately 7 kilometres west of the Sydney CBD, approximately 12 to 15 minutes by car. The Hawthorne Light Rail Station is located 200 metres from the site and provides direct access to the Sydney CBD and surrounding public amenity. Within 450 metres to the south is The Leichhardt Market Place, a local commercial shopping precinct that includes a range of neighbourhood shops, restaurants, supermarkets and related services. In addition, the popular Norton Street entertainment and commercial strip is also just moments away, as is convenient access to world class universities and hospitals in the surrounding suburbs.
According to Guillaume Volz, National Director, Development Sites, Residential at Colliers International, “Whilst the market and Government have responded to Sydney’s undersupply in mass development areas, such as Olympic Park and the Parramatta Road corridor, core suburbs such as Leichhardt continue to be ignored, despite the inherent attraction and desire from buyers for apartments in these neighbourhoods. This will ensure the success of the development in a true Inner Sydney hotspot.”
“Five years in the making, Oro at 141 Allen Street demonstrates the value of a DA approved site in one of Sydney’s most desirable inner city locations and provides a low risk and high return development opportunity in this grossly undersupplied core residential suburb” he said.
Mr Volz added, “Our research indicates that Leichhardt is historically one of Sydney most undersupplied suburbs, with only 22 apartments completions in projects comprising 10 or more dwellings, from 2009 – 2014. Recent rezoning of industrial sites has seen a moderate raise in supply, and since 2014 a further 470 apartments have been built or are under construction. Nevertheless, underlying the lack of future completion and hence the premium nature of this offering, there are only another 154 apartments in the development pipeline with have development approval, 139 of which are located in the subject development.”
According to Ryan Bennetts, Associate Director, Development Sites, Residential at Colliers International, the site perfectly encapsulates the current buyers’ prerequisites for residential property in Sydney.
“Allen Street is ideally placed just, 450m from the Leichhardt Market Place and minutes to the entertainment and commercial hub of Norton Street, accessible to Sydney CBD via easily available transportation, particularly the Hawthorne Light Rail Station that is located at the site’s door step, and home to a cultural precinct known for its heritage and culture” he said. “In addition, the DA is extremely efficient allowing for only a single level basement, whilst also benefiting from the elevated position that provides 3600 views to the CBD and Harbour.”
The vendor’s representative, Irving Washington, acknowledged that significant value had been added to the property via the DA process and given the group’s interest elsewhere, the owners have now decided to sell.
141 Allen Street Leichhardt is for sale by an Expressions of Interest campaign through Colliers International, closing at 3pm (AEST) Wednesday 15 March 2017.
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