This article is from the Australian Property Journal archive
APPETITE for development sites across Sydney shows no signs of slowing with two sales smashing their reserve prices.
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-qformat:yes;
mso-style-parent:”;
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:”Times New Roman”,”serif”;
mso-fareast-language:EN-US;}
Three development sites were sold under the hammer at CBRE`s Going Going Gone auction event this week.
A 717 sqm site at 21A-23 George St Parramatta sold under the hammer of $6.1 million.
Frank Oliveri and Tim Grosmann handled the transaction. The property was sold with vacant possession and is zoned B4 mixed use. It is currently used for car parking.
Richard Gell and Tim Grosmann handled the sale of a site located at 68-72 Beresford Rd Strathfield which changed hands for $2.5 million.
The 1,118 sqm site was sold with vacant possession and is subject to subdivision approval. It is zoned SP2 Infrastructure, whilst surrounding properties are zoned R3 medium density residential.
Another potential subdivision land at 12 Bungalow Avenue Pymble was sold for $1.04 million. The 906 sqm site is zoned R2 low density residential.
In total, 11 development sites were sold by auctioneer David Scholes in Sydney this week including eight earlier this week.
Other development opportunities sold under the hammer include:
– 359 Hume Hwy Liverpool sold for $6.33 million by JLL`s John Macree and Leslie Cheng;
– 13-17 Gymea Bay Rd Gymea sold for $4.84 million by Shore Commercial Property`s Richard Rubenach in conjunction with Sharp Project Sales` Greg Sharp;
– 87 Parramatta Rd Camperdown sold for $3.3 million by Taylor Nicholas` Stephen Karanfilovski;
– 78-80 New Canterbury Rd Petersham sold for $2.92 million by Raine & Horne Commercial`s Luke Smith and Nicholas Smith;
– 129-131 Bayswater Rd Rushcutters Bay sold for $3.029 million by Laing + Simmons Nuri Shik;
– 724 Botany Rd Mascot sold for $2.71 million by Raine & Horne Commercial`s Rebecca Saab;
– 281 Belmore Rd Riverwood sold for $3.05 million by Sydney South Property Agents` Lino Parrottino; and
– 1402 & 1404 Pittwater Rd North Narrabeen sold for $2.59 million by JLL`s Ari Danas and Michael Ajaka.
Australian Property Journal
