One of Sydney’s largest mixed use development sites has been listed for sale via Colliers’ agents James Cowan, Matthew Meynell and Trent Gallagher.
This asset is considered the largest opportunity ever to be offered to the open market in the Inner West and accordingly is expected to generate comprehensive national and international interest.
The property has been amalgamated by the current owners over a 20-plus year period, and most recently has benefitted from a council led planning proposal to rezone the land from industrial uses to B4 Mixed Use, with a 3:1 floor space ratio and building heights of up to 67 metres.
Occupying an impressive 3 hectare-plus site, the development is expected to yield >90,000sqm of gross floor area, which early planning suggests could be as much as 1,000 apartments and a shopping precinct.
The property will be just 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 to Parramatta in 15 minutes.
“Our recent experience in marketing significant, generational, assets such as Kings Bay Village has demonstrated the vast depth of capital seeking bulk and scale. For example, with the recent Colliers sale campaign of 130 Joynton Avenue, Zetland, there was significant domestic and international interest chasing this asset. South Sydney and the Inner West are land constrained markets with very few scalable sites left in these precincts, which is creating high demand for the few remaining sites, such as Five Dock, as developers know these types of opportunities are irreplaceable” Trent Gallagher, National Director at Colliers said.
“We have seen a considerable uptick in enquiry from large off-shore developers and institutional developers working on the thematic that the combination of inbound skilled migration overlayed by the considerable undersupply of stock by 2024 will drive pricing escalations,” Matthew Meynell, Head of Investment Services Australia added.
“The median apartment price in Five Dock is $969,000, whilst the median house price is $2,500,000, meaning the average house is 62 per cent more expensive than the average apartment. With the low level of completions throughout 2020 and 2021, there is an alarming undersupply of apartment stock in this location which is a concern due to the affordability crisis that freehold dwelling prices have created. We expect developers will take this into consideration when master planning this supersite,” continued James Cowan, Director at Colliers.
The property will be sold via an on-market expressions of interest campaign closing late May, 2022.
- Impressive 3ha+ site area with extensive 190m x 170m street frontages
- Proposed B4 Mixed Use rezoning with 3:1 floor space ratio and 67 metre height limit
- Potential to yield 90,000m2+ of GFA
- Gazettal expected Q4 2022
- 600m to the Future Burwood North Metro Station & 900m to the Future Five Dock Metro Station
- Opposite 10ha of public parkland and adjacent to Rosebank College
- Immediate access to major arterial roads including Parramatta Road, M4 Motorway and recent WestConnex Upgrades including the Wattle Street M4-M5 Link