Lateral Estate Acquires Botany Rd Apartment Site11 February 2020
Lateral Estate have acquired a 5,060sqm parcel of land on Botany Rd Alexandria for $24M ($4,743/sqm).
The site at 634 Botany Rd was put on the market in late 2018 and comprises a showroom and office with additional warehouse space totaling 5,000sqm. The property is leased through to February 2020 with a gross rental of $678,632pa. The site is zoned Zoned B7 – Business Park with an FSR of 2:1 and a height limit of 22m.
The property was marketed by Artie Kalpidis of Link Property Services and Jeff Moxam of Ray White Commercial NSW.
Alexandria has seen a significant transformation over the past two decades. Through rezoning of the suburb, the predominantly industrial precinct is now a growing residential and commercial hub.
The Green Square end of Alexandria has seen an increased level of development site sales in 2019. 29 Bourke Rd was acquired by a private developer for $31m ($6,781/sqm) and in October, 8 Bowden Street was sold for $25m ($5,401/sqm).
Nearer to the site, Mount Land Pty Ltd acquired a 2,415sqm site at 11 Ralph Street for $16m ($6,625/sqm) in February.
Lateral Estate acquired 634 Botany Rd on deferred terms with settlement completed on the 31st January. The Group submitted a DA for the site in June 2019 seeking a concept building envelope to a height of 24.47m for ground floor shops, shop top housing (approx 115 units), road widening and publicly accessible through site link and vehicular access to Ralph Street. A decision on the Development Application is yet to be made.
Lateral Estate are a boutique development group established in 1995 with recent apartment projects in Blakehurst, Kogarah, Carlingford, Eskenville and Port Melbourne.