One of Southern Sydney’s last major development sites comes to market

One of South Sydney’s last remaining large scale development sites has come to market for the first time in over 60 years, providing an opportunity that is unlikely to be repeated.

Located in an expanding region of Sydney that is highly desirable to premium developers, the circa 2.86-hectare site (subject to survey) at 130 Joynton Avenue in Zetland enjoys dual street frontage and is zoned for a broad range of uses (subject to planning approval).

With an approximate allowable gross floor area of circa 55,000sqm, the site is zoned B4 – Mixed Use under the Sydney Local Environmental Plan 2012 and has a staggered height limit ranging from 28 metres to 50 metres.

The property is currently occupied by certain Ausgrid entities. Spread out across the site are nine buildings with varying uses, including office, warehousing and storage spaces, while there is onsite parking and storage for vehicles of all sizes.

The property has been listed with the Colliers team of Michael Crombie and Trent Gallagher in conjunction with Tim Holtsbaum, Grant Bulpett and Anthony Pirrottina of Knight Frank.

“With little to no development sites of this calibre and scale available in such a prime and significantly undersupplied location, this is an opportunity for a developer to acquire one of the only large raw mixed use zoned sites available in the South Sydney precinct,” Mr Crombie said.

“This is an enviable opportunity for developers concerned with maintaining a dependable pipeline of apartments and therefore a high rate of cashflow into the future,” Mr Gallagher added.

Situated in the heart of Zetland just a short walk from Green Square Train Station and the Green Square Retail Precinct, the site benefits from seven multi-street access points and has passage to both north and southbound M1 motorway entrances.

The site’s location near several popular local amenities is one of its biggest attractions, with the Gunyama Park and Aquatic Recreation Centre located directly adjacent to the Joynton Avenue entrance of the property. East Village Shopping Centre, Centennial Parklands and several bars, restaurants and cafes are all just a short walk away.

“The South Sydney residential development market is entering an undersupply phase for completed apartments. Sydney’s new development completion rates are rapidly decreasing which will lead to limited competition for new projects in the market,” Mr Holtsbaum said.

“The site presents as a truly unique opportunity to capitalise on the adjoining newly constructed Gunyama Park with its world class recreational facility offering developers a significant future point of difference in the market,” Mr Bulpett said.

Urban gentrification of the region has seen major investment flow through, including the $13 billion rejuvenation of the Green Square Town Centre. With around 61,000 people forecasted to be living within Green Square in 2030 according to some estimates, growth prospects appear strong heading into the future.

In 2021, apartment values in the core South Sydney markets of Waterloo, Zetland, and Alexandria increased by 7.8 per cent, which represents the largest annual increase since 2015. Reflective of demand, 963 apartments were sold across the three suburbs, which is the highest in four years.

130 Joynton Avenue in Zetland is being offered for sale by Expressions of Interest (EOI) closing at 4:00pm (AEST) on Monday, 28th March, 2022.