This article is from the Australian Property Journal archive
LEGION Cabs is hoping to net $18.5 million from the sale of its headquarters in the heart of a southern Sydney growth corridor, with a developer expected to pick up the Wolli Creek site.
The corner site of 3,692 sqm at 137A Princes Highway has three street frontages and its B4 mixed-use zoning allows for a height limit of up to 31 metres.
Colliers’ Trent Gallagher and Edward McFarland are managing the expressions of interest process closing 2nd March.
Occupied by Legion Cabs for a taxi showroom and headquarters for a number of years, the property is being offered with short-term holding income. It has a gross floor area of 9,230 sqm, including a large retail showroom and a two-level office area.
“Located on the corner of the Princes Highway, Ann Street and Allen Street, this prime development opportunity offers an unbeatable location and connectivity to key local infrastructure,” Gallagher said.
“It provides an ideal opportunity for developers to acquire a raw scalable development site located in southern Sydney’s booming Wolli Creek residential market.”
The property is within walking distance to both Wolli Creek and Arncliffe Station.
Colliers expects the Sydney apartment prices should gain momentum in 2022 due to unaffordability in the housing market.
“First-home buyers and the return of investors had supported unit demand in parts of Sydney last year, which could increase in 2022 as affordability constraints put houses further out of reach for some buyers,” McFarland said.
