This article is from the Australian Property Journal archive
MALAYSIAN developer BRDB has acquired a development site with approval for a 66-apartment project in Sydney’s southern suburbs for $12.8 million.
The 2,872sqm site at 1-3 University Road, 668A, 668 and 670 Kingsway, Miranda was sold by Knight Frank’s Dominic Ong, Tim Hotsbaum, Andy Hu and Adam Bodon on behalf of a private family.
The plans for the north-facing site include townhouse-style ground floor apartments with garden terraces, and upper floors with panoramic views towards Cronulla and Sydney’s north.
The apartment mix breakdown is 27% one-bedroom apartments, 71% two-bedroom apartments and 2% three bedroom apartments, with the sale price equating to an average of around $193,940 per unit.
Holtsbaum said the property is in a sought-after location that appealed to local developers and investors as well as local Asian investors.
“Miranda and the Sutherland Shire area is a well-established owner-occupier market, located within close proximity to many premium schools, Sydney Airport, a major shopping centre and transport lines directly into the CBD and other parts of Sydney.
“The purchaser had a strong preference for the Sutherland Shire, given its strong fundamentals and location. This sale shows the strength of the market for well-designed, DA-approved Sydney sites,” he said.
Ong said Malaysian buyers have traditionally been very active in Melbourne, but this sale could indicate a shift.
“This sale demonstrates the potential for a new wave of Malaysian investment into the Sydney residential development site market. In the past, Sydney has mostly received interest from China and Singapore in terms of Asian investment. However, we anticipate this could change.”
The property is located close to Westfield Miranda, which recently underwent a $475 million redevelopment, and features big-name retailers including Apple, Uniqlo, David Jones and Myer.
Australian Property Journal
