This article is from the Australian Property Journal archive
A CIRCA 20,000sqm development site sitting adjacent to Sydney Olympic Park with an approval in place is up for grabs, with price expectations exceeding $78 million.
The residential development site, at Fantail Street in Lidcombe, includes a DA for a mixed-use project with circa 40,000sqm of gross floor area, including three residential buildings with 411 apartments, 531 parking spaces, 8 shops, a 100-place childcare centre and other communal facilities.
Dominic Ong, Tim Holtsbaum and Grant Bulpett from Knight Frank is managing the sale of the site via an expressions of interest campaign.
“The asset sits in the strategic heart of one of the world’s most dynamic cities and offers a developer a significant hold on the growth story that is the Sydney economy,” said Ong.
The site is Stage Two of the 18-hectare AYMCI-owned site in the Carter Street Precinct, with the smaller site’s development approval also covers communal amenities including an indoor pool, gym and common room.
Additionally the Planning Agreement obligations totalling $4.2 million have already been paid to the State Government by the vendor.
While the broader AYMCI development will cover the delivery of road and civil infrastructure construction, that will link to the local town centre and its amenities.
“Carter Street will be a green and vibrant new walkable community with open space, school, a village centre, amenity and employment, as well as quick connections to Sydney and Parramatta via the Western Motorway, the future Sydney Metro West and the Parramatta Stage Two Light Rail,” added Ong.
The site will be well placed with easy access to the Sydney CBD and surrounding amenities, thanks to major road, rail and bus links nearby.
“This is one of the last remaining development opportunities within the Carter Street precinct and takes full advantage of the booming Sydney Olympic Park. The New South Wales Government’s Carter Street Precinct Framework will transform the area into a premier commercial and residential district, with the AYMCI site the prime gateway into it,” said Ong.
The remaining stages at the 18-hectare site will include more residential offerings as well as a public park, a state primary school and a town centre, all to be developed by AYMCI.
“There is a housing undersupply in Australia that shows no sign of abating, particularly with population growth set to increase again now international borders are open. This will underpin residential prices going forward, and developers are looking to capitalise on this,” concluded Holtbaum.
