A One-of-a-kind low density residential development site in Sydney’s southwest has hit the market as developer demand post the COVID lockdown continues to be strong.
The property at 10 Simmat Avenue in Condell Park offers a significant land holding of 4,659sq m, with multiple development options, including a duplex scheme, residential lot subdivision, a childcare centre, boarding house, seniors living, a place of public worship or a combination of each, subject to council approval.
The auction campaign for the site will be run by Anthony Pirrottina and Demi Carigliano of Knight Frank in conjunction with Mark Saleh and Ali Saleh of Pace on behalf of the vendor.
Price expectations for the vacant infill battle axe block with R2 low density residential zoning, which is one of the last remaining large land holdings within 18 kilometres of the Sydney CBD, are circa $4 million.
Mr Pirrottina said while there were a wide range of development options for the property, the most likely outcome would be for 12 duplexes and one freestanding home to be built on the site.
“This is one of the largest single parcels of land to be offered to the market in a tightly held pocket of Sydney,” he said.
“With strong growth in the area, the demand for residential homes is at an all-time high, so any future residential development will be very sought after.
“Future supply for housing in Condell Park is constrained due to underlying land values and strong demand from residential developers.
“The location of this site is close to amenity, being situated between the Bankstown CBD, the train station and the airport, and adjoining the Condell Park Shopping Village.
“There is significant employment growth forecast in nearby Bankstown and southwest industrial precincts off the M5, with an upgrade of Bankstown Airport and the planned Western Sydney University Bankstown Campus, which is currently under construction.
“it’s also situated at the highest point in Condell Park, on the summit ridge of a distinctive hill, which will provide views.”
Mark Saleh said stock levels for development sites in Sydney were too low to meet pent-up developer demand following easing of restrictions after the COVID lockdown in New South Wales.
“Development sites we see come to the market are being snapped up quickly, and often for a stronger than expected price,” he said.
“There simply is not enough stock to meet demand.”
The auction for the Condell Park property will be held onsite at 5pm on November 30.
Related Articles
