A private developer has purchased a 957.4 sqm DA approved residential development site for over $12m in a deal facilitated by Trent Gallagher and James Cowan of Colliers, in-conjunction with I.B Property.
The deal represents a strong return for the vendor having purchased the property for $6,850,000 + GST in 2020, which is reflective of the planning work achieved and strength of the current market.
The campaign attracted 243 enquiries from local, wider metropolitan and overseas developers, with the site exchanging one week before expressions of interest closed.
“Balmain and Rozelle have consistently outperformed the wider market given their proximity to the CBD, strong demographic, accessibility and lack of land supply. Government infrastructure announcements such as WestConnex and the Sydney Metro West have further bolstered this demand in recent months,” James Cowan, Director at Colliers said.
“This has been demonstrated in record-breaking Colliers transactions over the past six months, including 670-672 Darling Street ($8.2 million), 673-677 Darling Street ($3.5 million) and 681 Darling Street ($2.5 million).”
“On a macro level, there is pent up demand seeking scale and density in high quality locations. We are receiving unprecedented enquiry in this regard which has resulted in premium pricing with clean terms and short settlement periods,” Trent Gallagher, National Director at Colliers added.
The site has approval for five oversized terraces and one penthouse apartment, and benefits from dual street access in one of Sydney’s premier locations.
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