Mixed-use site to draw major interest from developers

26 April 2022

A DA approved mixed-use site is set to attract major interest from a range of parties after coming up for sale in Sydney’s south-west.

The 890sqm property at 279-281 Belmore Road in Riverwood has an approved GFA of 3,443sqm and unique approval for 33 high quality apartments plus two retail shops. The plans also come with 52 car spaces across three underground levels.

Located next to Riverwood Plaza, it comes with prominent 33m frontage to Belmore Road and B2 Local Centre planning, making it permissible for a range of users.

The property is exclusively listed with Trent Gallagher and Frank Oliveri of Colliers.

“This is an extremely rare offering as it is both DA approved and within immediate proximity to Riverwood Train Station. The location is crucial as it is the gateway site into the Riverwood precinct,” Mr Gallagher said.

“The approved DA adds another element to this property, as boutique development sites are in very high demand. We expect to receive strong interest that stems from the current strength of the residential market,” Mr Oliveri added.

The asset comes with a stable holding rental income of $82,637 per annum plus GST and is set to take advantage of an active owner-occupier purchasing market with strong population growth. This is on top of high rental demand which also favours investors.