A small mixed use site in Rosebery has been acquired by Harford Properties for $10.05m.
The property sits on a level, regular shaped block of 2,313sqm with a frontage of approximately 50m to Dalmeny Avenue. The site currently contains a small warehouse (774sqm) with holding yard and parking area but is surrounded by 7 storey apartment buildings. Dalmeny Avenue is a quiet, tree lined street near to the thriving Green Square Precinct, midway between the popular East Village precinct and Gardeners Rd.
The site is zoned B4 Mixed use and will likely be developed in a similar style to adjoining apartment buildings. The site has an 18 metre high limit and a basic FSR of 1:1 but with bonus provisions to 1.5:1 to allow additional density under certain provisions. Based on these measures, the site may yield approx 45 apartments.
The purchase price represents $4,345/sqm of site area and assuming the site could yield 45 apartments, the price per apartment would equate to $223,000 per unit.
The site was sold via LJ Hooker Commercial South Sydney.
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