This article is from the Australian Property Journal archive
A LOCAL residential developer has paid $6.3 million for a site at Merrylands in Sydney’s west.
The 3 Arcadia St property was sold by not-for-profit organisation Break Thru People Solutions.
CBRE’s Alex Mirzaian, Peter Vines and Frank Oliveri negotiated the sale to Sunshine Hope, which is planning a residential redevelopment of the site, subject to the relevant planning approvals.
The site has current concept plan for a 68-unit development, plus a heritage component of 451sqm.
The Merrylands property, part of which was once the old Holroyd Council Chambers, has a site area of 4,935 sqm and a R4 High Density Residential zoning.
“The proposed transformation of Merrylands with new additional residential developments spurred strong interest in the sale campaign,” Mirzaian said. “The Holroyd council area, specifically Merrylands, has been a real hot spot for large developers, who have been attracted by the area’s strong underlying fundamentals, existing amenities and access to public transport,”
Other major site sales in Merrylands include 224-240 Pitt St, a 1.538ha site which was sold last year to Sydney developer Dyldam for $51.5m. CBRE also handled this sale.
Australian Property Journal
