This article is from the Australian Property Journal archive
A 6,200 sqm Rosebery industrial complex with residential development potential has sold for $51 million.
Zoned B4 Mixed Use, the eight-unit complex at 5-15 Dunning Avenue and 3 Mentmore Avenue, in Sydney’s inner south, has a floor space ratio of 2.1:1.
The site has two street frontages and encompasses 6,237 sqm, and sold at a land rate of $8,177 per sqm.
Cushman & Wakefield’s Tim Cassidy negotiated the deal following an expressions of interest campaign.
“This is possibly the best residential development opportunity currently on offer for sale in the south Sydney area due to its location and two street frontages,” Cassidy said.
The property is 700 metres from the 278-hectare commercial and community Green +Square urban renewal project, including the Green Square Town Centre, Green Square railway station, Saporium market place and the future Aquatic Centre.
Earlier this year, local developer Toplace put its 11,830 sqm 67-77 Epsom Road industrial site in the suburb to the market with hopes of more than $90 million.
It was put to the market with Stage 2 development consent for part-six, part-13 level buildings with 267 residential units, 40 services apartments, 15 ground floor retail tenancies and two levels of basement parking with 283 spaces.
Australian Property Journal
