This article is from the Australian Property Journal archive
PRESTIGE home developer Hamid Samavi of Orosi has splashed out $11.1 million for a Cronulla unit block approved for 25 luxury apartments.
The 1,530 sqm property at 3-5 Parramatta St currently houses 11 units across two buildings with a net annual passing income of $190,000.
Plans for the high end apartments were designed by Couvaras Architects and provide a total of 2,295 sqm of gross floor area with 43 car spaces and a maximum building height of 16 metres or five storeys.
The property was purchased with a 35-day settlement period in a deal negotiated by Demi Carigliano, Anthony Pirrottina and Scott Timbrell of Knight Frank on behalf of a private developer.
Carigliano said the expressions of interest campaign resulted in eight offers, with interest coming from local developers competing for development sites.
“The campaign closed in the middle of the COVID-19 lockdown, with some buyers reluctant to put pen to paper due to the unknown economic factors at that stage, but we had offers from eastern suburbs developers as well as local Sutherland Shire groups.”
Carigliano said this is one of the largest development approved sites sold during the COVID-19.
Pirrottina said the asset provided a generous and secure income stream in the interim due to the existing units, and with an approved DA, offered purchasers substantial development upside.
“The Cronulla region is experiencing increasing demand for off the plan apartment sales for downsizers, particularly in close proximity to the beach.”
