After a long battle with Randwick Council to obtain a rezoning and development approval for their Kingsford site, Toga have recently transferred their site for $45M. The 1,960sqm site at 391-397A Anzac Parade and 17 Bunnerong Road, Kingsford adjoins the Kingsford nine-ways intersection, alongside the Kingsford light rail station. In 2016 Toga sought Council approval to increase the maximum floor space ratio control from 3:1 to 8:1 and to increase the maximum building height control from 24 metres to 58 metres. The PTW designed concept scheme would have seen 155 apartments developed on the site however Council and the JRPP both rejected the application in 2017. Randwick Council has since finalised a new planning strategy for Kensington and Kingsford commercial areas which proposes new building heights and considerable public improvements. Council endorsed the new scheme in May 2019 and the new planning strategy, which is currently on exhibition, would see the FSR for the Toga site increased to 5:1 and the height limit to 15 storeys. The new planning control would provide for approximately 105 apartments on the site, and on this basis, the $45M sale price would translate to $428,000 per apartment or $22,960/sqm of site area, which appears to be well above market. A nearby site at 22 Gardeners Rd, DA approved for 50 apartments sold in April 2019 for $10M ie $200,000 per apartment of $11,765/sqm of site area. The nominated purchaser is Perpetual Corporate Trustee so given the high transfer price, this transfer may be to another Toga entity or otherwise represent a major win for to Toga. Location Plan #Development
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