This article is from the Australian Property Journal archive
A TRIANGULAR 2,158 sqm site in a controversial development pocket of Sydney’s southern suburb of Hurstville has sold for $21 million.
Zoned B4 Mixed-Use, the 2-10 Woniora Road property has an existing floor space ratio of 4.5:1 and a 39-metre height limit. It was marketed as “suitable for circa 120 luxury apartments”.
Savills agents Stuart Cox and Neil Cooke sold the property following an expressions of interest campaign that attracted more than 200 enquiries and 10 submissions.
A development application had been lodged for the Stellar Hurstville project on the site in December 2016. Late last year, the Sydney South Planning Panel recommended approval for a mixed-use development of 12levels with 112 apartments, three basement levels, and ground-floor commercial space in place of the site’s existing commercial buildings.
The panel had recommended initial plans be reduced by one level and the building be stepped down in the north-western corner to a maximum height of eight storeys, which would be more suitable in its position next to the heritage conservation area.
The site was initially put to the market in mid 2016, shortly after the Joint Regional Planning Panel gave DeiCorp, the owners of the former Australian Tax Office site next door, approval for its $118 million, 369-apartment GrandH development on the 5,564 sqm site at 12-22 Woniora Road.
Plans for that project had to be altered also, from 384 apartments across dual towers of 11 and 18 levels, reduced to an 11 and 16-level building.
DeiCorp attempted to gain an expansion from the JRPP aligned with its original plans. The ATO building was demolished in 2016 and construction is ongoing.
The site was acquired by Redfern-based DeiCorp in 2014 for $47 million from 360 Capital Group. Its portfolio has included projects in Ultimo, Bondi and Elizabeth Bay.
Australian Property Journal
