Enjoying a prominent position amongst some of Sydney’s most exciting rejuvenation precincts, 36-40 Parramatta Road Croydon has just been listed by Colliers Agents James Cowan & Joseph Lin, and Ray White Commercial Sydney City Fringe Agent Kristian Morris.
Exposed to over 40 metres of frontage to Parramatta Road, and having a depth of 60 metres, this 2,175m2 property has long been used for automotive use.
The property sits opposite the Kings Bay Village, a rezoning precinct lead by a Canada Bay Council planning proposal to rezone the land from industrial uses to B4 Mixed Use with a 3 : 1 floor space ratio and building heights up to 67 metres.
“Off the back of the Kings Bay Village listing, which attracted 213 enquiries, 11 offers and more than $2.5bn of capital, it’s become clear than there is genuine optimism for Parramatta Roads future now lead by proactive councils seeking to enforce the Parramatta Road Urban Transformation Strategy. There is interest on a global scale.” Says James Cowan, Director at Colliers.
Under this proposed rezoning the property benefits from an uplift to a 2.4 : 1 floor space ratio and a 21 metre height limit which could reach up to seven storeys (STCA). The favourable B6 Zoning / E3 Productivity Support zoning aims to provide for land uses that are compatible with, but do not compete with, land uses in surrounding local and commercial centres and will support residential development that is mixed use in nature. The Kings Bay precinct and the proposed infrastructure that surrounds it will include high-rise residential apartments, as population pressure continues to put the squeeze on demand for new property.
The property will be only a 10 minute walk to both the Burwood North and Five Dock future metro Stations that will link the finished product to the Sydney CBD in 10 minutes and Parramatta in 15 minutes.
“Parramatta Road Corridor has had a rich history of automotive dealerships which occupy large site areas and corner positions for maximum exposure, however higher costs for land and land tax have pushed new & used car showrooms further from the Sydney CBD each year.
Given the exciting development upside and associated scope for future redevelopment, the owners naturally have received a significant level of off market direct interest from developers. They are approaching their retirement ages and accordingly have opted to appoint experts to divest their asset via the open market” Says Kristian Morris, Principal & Licensee In Charge, Ray White Commercial Sydney City Fringe
“This purchasing opportunity gives an incoming buyer the opportunity to be surrounded by world class neighbours in Iwan Sunito’s Crown Group, Taylor Constructions, Toga Group and the soon to be announced purchaser of Kings Bay Village, all literally across the road” Says James Cowan, Director at Colliers.
“With property in this location tightly held, it’s difficult to provide a comprehensive price guide but pre-campaign interest has been north of $10,000,000” says Kristian Morris Principal & Licensee In Charge, Ray White Commercial Sydney City Fringe
For Sale by Expressions of Interest, closing late August 2022.
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