This article is from the Australian Property Journal archive
A CHINESE buyer has pounced on three adjoining commercial sites Crows Nest with permit for a 14-unit mixed-use development, as developers begin to favour boutique-size projects above larger scale concepts in Sydney’s blue-chip locations.
The $7 million dollar sale of 34-40A Falcon Street, comprising three commercial freeholds, represents a continuing trend according to Colliers International selling agents Tom Appleby, Ruan Bennetts and Joseph Groeg.
“Crows Nest remains the most highly sought after location on the North Shore,” Appleby said.
Bennetts said that given the Department of Planning & Environment is carrying out a strategic planning investigation of the St Leonards and Crows Nest Station Precinct, greater density is almost a certainty.
“In line with the introduction of the Crows Nest Sydney Metro Station, we’re seeing local property owners increasingly looking to amalgamate with one another to form an attractive land offering for residential developers,” he added.
Bennetts said unprecedented success has been achieved at the new Coterie residential development at 53-57 Atchison Street in Crows Nest, achieving debt cover for the developer in the fortnight since launching.
Australian Property Journal
