Eastern Suburbs Development Site to Be Transformed After $24.5M Sale

The high-density 1,263sqm landholding spans three titles and sold to a Singapore-based investor.

A versatile high-density residential development site located in a strong Sydney growth corridor has sold for $24.5 million to Yi Capital.

The significant 1,263sqm landholding at 153-155, 157 Anzac Parade and 7 Addison Road in Kensington, one of the Eastern Suburbs most exciting regions, spans three separate titles and offers an extremely rare mixed-use development opportunity.

The property was sold exclusively by Colliers National Director, Trent Gallagher, with the assistance of Colliers Valuations expert, Christopher Milou, who provided support for the Singapore based buyer.

“After a competitive campaign that saw a range of interested investors, given the site’s strong market fundamentals and zoning, the incoming purchaser recognised the scarcity of this product and was able to secure it after putting forward a strong offer,” Mr Gallagher said.

“Its location close to the University of New South Wales and the Prince of Wales medical precinct added to the appeal and was a key factor in it being purchased for multi dwelling housing.”

“It’s not a surprise international capital is heavily interested in Australian assets, given the market’s resilience and growth over previous years. On top of this, Australian universities continue to rank highly throughout the world and are recognised for their education standards,” Mr Milou added.

With two street frontages on a corner site, the property has a passing holding income of circa $470,381 per annum and building height limit of 31m and base FSR of 4:1.