A Residential development site with holding income directly opposite the Epping Station interchange will be hotly contested when it hits the market this week.
The 1,460sq m site at 24-36 Langston Place in Epping is currently occupied by five commercial retail buildings with tenants including Terry White Chemmart Epping and the display suite for The Langston by Cbus.
While the current tenants provide holding income, the property has a DA approval for a 27- storey residential apartment building with 101 apartments designed by award-winning architectural firm PTW.
The Epping site is situated on the highest land point in the suburb, enabling stunning panoramic views to the Sydney CBD, and the Blue Mountains views to the west.
The property is being taken to the market by Knight Frank agents Dominic Ong, Linda Zhu and Grant Bulpett on behalf of the vendor.
Price expectations for the site are in excess of $30 million.
Mr Ong said the location of the site directly opposite a major transport hub will be huge selling point for the presale of apartments, backed by the current strong residential demand from first home buyers.
“An incoming buyer can purchase and hit the ground running, immediately starting sales with a clean development approval in place, while having the holding income during the sales process,” he said.
“24 – 36 Langston Place will be the closest residential development to the Epping train station and bus interchange, just 100 metres away, and is one train stop from Macquarie University.
“It also benefits from being surrounded by an array of parks, cafes and outdoor activities for those looking to purchase their first homes or investment property.
“The property is surrounded by the amenities of the Epping Town Centre and is in the catchment area for
Sydney’s top ranked schools, including Epping Boys High and Cheltenham Girls High.”
Ms Zhu said the buoyant buyer demand for residential development sites seen in 2021 was likely to continue this year, with strong demand expected for the Epping site.
“The appetite for residential property continues to be strong, which is underpinning the demand for residential development sites,” she said.
“With first home buyers priced out of the house market, we are likely to see a shift to well-located quality apartments in markets such as Epping, which provides great amenities for families and is one of Sydney best-connected transport hubs.”
The Expressions of Interest campaign for the property will close at 4pm (AEST) on Wednesday, March 23.
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