This article is from the Australian Property Journal archive
THREE commercial buildings over four lots in Sydney’s inner western suburb of Burwood have hit the market in one line, and are set to make way for a mixed-use development with more than 100 apartments.
The 3,664 sqm elevated parcel at 318-324 Parramatta Road currently has three detached single-level commercial and light industrial buildings, with a 48-metre frontage to Parramatta Road and is positioned just 50 metres from the suburb’s proposed super transport stop.
It is positioned within the finalised Parramatta Road Urban Transformation Strategy, with a height allowance of part 21 metres and part 24 metres, a part 2.1:1 floor-space ratio and part 2.4:1 FSR, as well as offering a part B4 Mixed Use and part R3 Medium Density Residential zoning.
A concept scheme has been drawn up for the site that includes 104 apartments, with 24 one-bedroom, 72 two-bedroom and eight three-bedroom offerings, and ground-floor retail space. A development on the site could include 8,404 sqm of gross floor area, made up of 8,016 sqm of residential GFA and 375 sqm of commercial and retail.
Its elevation allows district and city views to the east and the Blue Mountains to the west.
Holding income from the existing buildings is currently $359,767.97 per annum.
Savills agents Neil Cooke, Stuart Cox and Johnathon Broome are marketing the property via expressions of interest, closing November 15th.
Cooke said the vendor believed that whilst the zoning and FSR are achievable, the best potential outcome would be to reduce the building footprint and provide additional height resulting in a superior planning outcome with reduced impact of amenity on the neighbouring properties, greater open space and better use of the extensive CBD and district views.
The Greater Sydney Commission, which manages the Parramatta Road Urban Amenity Improvement Program, would work with the six councils to deliver projects in partnership.
Cox said a lot of offshore and local interest from a range of high net worth individuals and developers is expected, looking to take advantage of the Urban Transformation Strategy, the site’s street frontage and close proximity to local educational facilities, Burwood Park, Westfield Burwood, Burwood Plaza, public transport and the Burwood CBD.
Australian Property Journal
