This article is from the Australian Property Journal archive
A LOCAL developer has paid around $32 million for a Pymble site on Sydney’s north shore with DA approval for 98 apartments.
Zoned R4 High Density Residential, the 7,879 sqm residential site at 2-8 Pymble Avenue and 2-4 Everton Street was sold by a “local Chinese syndicate of owners” with a height limit from 11.5 metres to 17.5 metres blended floor space ratio of 1:1.
The approved plans also include a 100 sqm ground floor retail space and basement parking for 156 vehicles, with the development having a total gross floor area of 8,547 sqm.
Savills sold the site, with the sale price reflecting $3,744 per sqm of approved GFA and around $323,000 per unit.
Neighbouring suburb Macquarie Park has been a hotbed of development site activity this year, spurred particularly by a number of amalgamated site offerings.
Australian Property Journal
