This article is from the Australian Property Journal archive
AFTER bringing in a significant volume of interest, a rare quality DA approved development site in Rockdale has sold to a local builder/developer for $8,500,000.
The 1,306sqm site, located at 401-405 Princes Highway in Rockdale, 13km of Sydney’s CBD. has approval for 43 future apartments, two ground floor retail shops and three levels of parking across seven levels.
Nick Lower and Selin Ince from Savills negotiated the deal.
“The interest in this asset was next to none. There is a significant lack of quality stock out there in the market at the moment, with this sale price being a pure reflection of that,” said Lower, state director, NSW & VIC Hotels.
Sitting in one of Sydney’s most in demand growth corridors with B4 Mixed Use Zoning, the site offers 3,181sqm worth of residential Net Lettable Area and 257sqm of commercial NLA.
The DA approval has a configuration of 14 one-bedroom units, 23 two-bedroom units and five three-bedroom units.
“The sale price reflected a unit rate of $197,674 and received an offer $1,500,000 over the Vendors expectations,” said Lower.
The property also sits within immediate proximity of Sydney Domestic & International Airports.
“Despite all the happenings in the world at the moment assets are transacting at unseen levels,” said Ince, senior executive, hotels.
Peter Tyson and Jon Tyson from Savills recently managed the sale of a Woolworths Supermarket in Mount Isa for $16.91 million, while the same team sold the Kallangur Fair Shopping Centre sells for $22.45 million and the Drayton Central Shopping Centre in Toowoomba for $34.34 million, bringing in a record breaking 5.39% yield in the neighbourhood asset class in regional Queensland.
“Property is and will continue to be the preferred investment class for capital, with the yields being achieved speaking for themselves,” concluded Ince.
