Leading agency Savills has been appointed to market a major urban infill development opportunity at 20- 28 Ricketty Street, Mascot, through an international Expressions of Interest campaign.
It is expected to sell for around $90 million, representing a rare opportunity to secure a significant site in the South Sydney industrial hub – Australia’s most tightly held property market.
A high-exposure site with dual street frontage to Ricketty Street and Ossary Street, the 10,100 square metre site has the potential to accommodate a GLA of approximately 30,300 square metres.
“This truly is a once-in-a-lifetime opportunity to secure a substantial site in South Sydney, strategically positioned between the Sydney CBD, ports and airport, with easy connectivity to major motorways including the WestConnex M8 and upcoming M4-M5 Link Tunnel,” said Michael Fenton of Savills.
According to Savills, this tightly-held precinct offers strong capital and rental growth potential, with the B7 zoning of the site rare and highly sought after by developers. The only other significant sites with this zoning are owned by major institutional investors, including Dexus and Goodman. The site has a 3:1 FSR and 44-metre height limit, making it suitable for an abundant range of future uses.
The post-COVID-19 climate and surge in online retail transactions has seen unprecedented growth in logistics, with more than half of South Sydney’s current occupants in the sector.
“This is a robust last-mile logistics location with an SA1 Rating of 93/100 for access to high income households within a 30-minute drive time,” said Mr Fenton.
The Expressions of interest will close at 4pm (AEST) on Thursday, 9 June.