Sydney, 26 February 2015 – Surging developer interest in South Sydney has sparked plans for the sale of an inner city bowling club at Botany approved for a major residential project.
CBRE’s Olivia Skinner and Peter Krieg have been appointed to market the site, which was last year approved for redevelopment as 80 apartments and nine townhouses.
Situated at 15-19 Edgehill Avenue, the 5,950sqm site currently comprises bowling greens and a single-level brick clubhouse.
While the club is currently in use, Ms Skinner said the property was not subject to any existing tenancies – providing the opportunity to immediately take advantage of the current strength in the South Sydney residential market.
“The ongoing rezoning of land in South Sydney to allow for residential development has seen suburbs such as Botany become increasingly popular as a result of their amenity and proximity to the CBD,” Ms Skinner said.
“We ae seeing huge demand for suitable development opportunities, as highlighted by Meriton’s $75 million acquisition of a major land parcel at Mascot and C.R. Kennedy’s sale of a nearby development site for circa $50 million.”
The Edgehill Avenue site is situated in a quiet residential street that runs off Botany Road.
CBRE’s Mr Krieg said the size and location of the site would be a considerable draw card for prospective purchasers, as would the existing development approval.
“Botany primarily consists of low density housing and small apartment blocks, with a young family demographic,” Mr Krieg said.
“The area is highly desirable and is becoming increasingly sophisticated. However, the supply of new stock has been relatively sparse. For that reason we expect considerable interest in the Edgehill Avenue land, which provides developers with an opportunity to tap into the groundswell of interest and deliver a product that suits end purchaser demands.”
Expressions of Interest close Thursday 26th March 2015 at 4pm.
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