Commercial market springs to life with impressive development site listing in Key Growth Precinct

15 September 2022

Major interest is expected in a development opportunity in Sydney’s east, as the start of Spring spurs on increased activity in the commercial market.

The corner 487sqm site opposite the billion-dollar Randwick Health and Innovation Precinct sits in a prime location and offers exceptional development potential (STCA), as well as its current use as a single-storey medical practice.

The site is included within Randwick Council’s Comprehensive Planning Proposal area which puts an emphasis on an uplift in planning. The site has been held and occupied by a local doctor since the early 1980s.

Matt Pontey and Miron Solomons of Colliers have the listing, with the property set to go under the hammer on October 13. It comes with expectations over $7 million.

“The Randwick Health & Innovation Precinct is one of the most exciting pieces of infrastructure in the state at the moment,” Mr Pontey said.

“The property currently has a single level medical practice onsite, however lends itself to redevelopment in this crucial medical precinct that services Sydney’s Eastern Suburbs.”

Zoned R3 Medium Density Residential, the property at 34 Blenheim Street and 6 Clara Street is surrounded by innovative medical facilities. The Sydney Children’s Hospital Stage 1 and the Children’s Comprehensive Cancer Centre redevelopment project as well as the UNSW Health Translation Hub are set to add to one of the largest health-focussed communities in the nation.

Despite tougher market conditions, Sydney’s eastern suburbs is one of the most resilient regions and continually attracts strong demand, especially for properties that have development potential.

“We are seeing significant demand remain for sites with clear identifiable uplift whether that be through planning or nearby infrastructure projects,” Mr Solomons said.

“As we approach the Spring market, we are seeing increased activity and a desire by buyers for assets which have a clear path to upside and are in markets where the intrinsic value of the land value is tried and tested.”

Colliers last year sold a similar sized block at 52 High Street in Randwick at auction for $8.251 million. The site drew interest from medical investors and developers.