A substantial Redfern site with development potential expected to sell for $110 million+.

Agents marketing a prominent Redfern development site are expect offers in excess of $110m. Known as The Regent Collection, the 3,224sq m site at 71-81a Regent Street and 10-38 Renwick Street sits across two titles, and is just 200 metres from Redfern Station.

The properties currently comprise 58 oversized residential apartments and four retail tenancies, as well as a neighbouring commercial building totalling 490sq m, with extensive dual street frontage to Regent and Renwick Street.

The Regent Collection is being taken to the market via an Expressions of Interest campaign run by Tim Holtsbaum, Jonathan Vaughan and Dominic Ong of Knight Frank in conjunction with James McCourt and Tom Williams of Karbon Property.

Mr Holtsbaum said the site offered strong income, as well as development upside.

“Being situated in one of Sydney’s major growth corridors, the property provides a purchaser with the opportunity for immediate residential scale in Australia’s most sought-after city,” he said.

“A strata sell down, the construction of the now-lapsed DA or a complete redevelopment of the site will all provide short, medium and longer-term avenues to add value in the future after capitalising on the current income stream.

“The site has favourable mixed-use zoning with untapped gross floor area, with a future development to capitalise on the growth to come in this precinct.”

Mr McCourt said The Regent Collection was strategically positioned in the core of one of Australia’s most transformative precincts where billions of dollars’ worth of private and public infrastructure was underway.

“It is one of the few opportunities of scale in the city fringe that has potential to truly leverage off a range of surrounding proposed planning changes.

“The gentrification of Redfern is ongoing and underpinned by a commitment from all levels of government to develop Australia’s biggest technology and innovation precinct.

“The site is within immediate proximity to South Eveleigh, Tech Central and the Waterloo metro precinct.”

Mr Holtsbaum said demand for quality development sites in Sydney continued to be strong.

“We expect buyer interest to come from local, interstate and overseas investors and developers looking to capitalise on the growth to come in this market,” he said.

The Expressions of Interest campaign for the Redfern site will close at 4pm on July 7.

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