Two Neighbouring Residential Properties with Development Potential in Haberfield Sold for $3.5M

Two adjoining houses in Sydney’s inner west with development potential have sold for a combined $3.5 million.

The properties at 103-105 Parramatta Road in Haberfield, which total 1,330sq m, were purchased by two brothers – private investors – who plan to landbank them.

Both houses are single-storey, with four bedrooms and one bathroom, as well as off-street car parking via a detached garage.

103 Parramatta Road is leased for $1,100 per week, while 105 Parramatta Road is leased at $890 per week.

The properties were underpinned by significant development upside permitting a broad range of industrial/commercial uses with the potential for 1,995sq m of gross floor area, subject to council approvals.

They were sold following a Private Treaty campaign run by Anthony Pirrottina of Knight Frank and Michael Tringali of McGrath.

Mr Pirrottina said the sales campaign generated strong enquiry, with multiple offers received for the properties.

“Potential buyers had the option to purchase one or both of the properties, but the successful buyers purchased them in one line,” he said.

“They intend to hold them for the near to medium term and benefit from the stable income generated from having the two houses leased.

“The development potential of the properties was a big attraction for buyers, especially as the zoning allows a range of industrial and commercial uses today with the potential for further planning upside in the future.

“Development opportunities are a drawcard for buyers as they offer the potential for future upside and stronger value growth.

“In this case the current residential use of the property was also a big plus given the strength of this market, with an undersupply of property relative to demand.”

Mr Tringali said the houses were in a sought-after inner west Sydney location, in the blue-ribbon suburb of Haberfield just six kilometres from the Sydney CBD.

“They are in a highly exposed position near the intersection of Parramatta and Liverpool Roads, with nearly 30 metres of frontage to Parramatta Road,” he said.

“The houses are also strategically located between the Haberfield, Summer Hill and Ashfield retail villages.

“Public transport and accessibility is also impressive, with multiple bus stops and the Marion Light Rail station nearby, while the nearest WestConnex entry and exit is just 500 metres from the properties at 103-105 Parramatta Road.”