A prestigious scalable development opportunity in the heart of one of Sydney’s most in-demand growth corridors has come to market.
The 3,692sqm site, located at 137A Princes Highway in Wolli Creek, is located on a prime corner position with three street frontages and has a quality existing facility with short-term holding income. It comes with B4 mixed-use zoning and a height limit of 31 metres.
The property is listed with the Colliers team of Trent Gallagher and Edward McFarland on behalf of the vendor, Legion Cabs. It comes with price expectations of $18.5 million.
“Located on the corner of the Princes Highway, Ann Street and Allen Street, this prime development opportunity offers an unbeatable location and connectivity to key local infrastructure,” Mr Gallagher said. “It provides an ideal opportunity for developers to acquire a raw scalable development site located in southern Sydney’s booming Wolli Creek residential market.”
With a gross floor area of 9,230sqm, the current property includes a large retail showroom and a two-level office area. It has been occupied by Legion Cabs for the purpose of a taxi showroom and headquarters for many years.
The overall strength of the residential market has stemmed from the fiscal and monetary policies adopted in response to COVID-19. This has included cutting interest rates to a record low of 0.1 per cent and unprecedented levels of government stimulus. In addition, the rate of new listings has been constrained, and this supply and demand imbalance has increased competition for those properties that do come to market.
“Colliers expect in 2022 that Sydney apartment prices should gain momentum due to unaffordability in the housing market,” Mr McFarland said. “First-home buyers and the return of investors had supported unit demand in parts of Sydney last year, which could increase in 2022 as affordability constraints put houses further out of reach for some buyers.”
The South Sydney apartment market has been no different, with strong demand being recorded from all segments. Owner-occupier demand has been focused on larger apartments that offer flexible work from home space, while investors have continued to remain active due to record low financing costs and an improving rental market.
Within walking distance to both Wolli Creek and Arncliffe Station, the site is close to local retail, cafes and dining options, while also being around 20 minutes to the Sydney CBD and a short distance from the airport.
No. 137A Princes Highway, Wolli Creek is being offered for sale via an Expressions of Interest campaign (EOI) closing Wednesday, March 2nd, 2022 at 4pm (AEST).
Related Articles
