This article is from the Australian Property Journal archive
AN Ampol service station site in southern Sydney with development approval for 61 apartments has been offloaded for $8.3 million by its owners and operators of 43 years.
The Costas family obtained approval for 41 Broadarrow Road in Narwee for an apartment project with 861 sqm of ground floor retail space and a total gross floor area of 6,424 sqm.
They sold the property through Anthony Pirrottina and Demi Carigliano of Knight Frank, who netted more than 100 enquiries and five first-round offers.
Pirrottina said the property provided an extremely rare opportunity to landbank with the strong holding income via multiple income streams or develop immediately with a prime development approval.
“The site represents a very rare land holding of scale on the doorstep of a train station, which generated interest from a range of purchasers looking to either operate the service station or redevelop the property in the immediate term.
Suburbs surrounding Narwee such as Beverley Hills, Kingsgrove, Hurstville and Roseville have undergone significant gentrification in recent years with a number of higher density commercial and residential projects, but Narwee is “one Sydney’s most untouched and boutique suburbs to date”, Pirrottina said.
Carigliano said demand for quality residential development sites continued to defy the slowdown in the wider residential market.
“Despite the current commentary around rising interest rates and how it may affect residential buyers, developers are confident in investing in well-located development sites.
“There will always be buyer demand for high-quality residential property close to the city, and with our population only growing demand is only going to get stronger once interest rates stabilise.
A large shortage of supply in build-to-sell apartments is set to hit Sydney over the next few years, according to Charter Keck Cramer.
