Sydney, 11 March 2014 – Sydney’s inner-west is emerging as one of the city’s most in demand property regions, with development sites in the tightly held district being snapped up by buyers in record time.
In February, Taylor Made Pty Ltd paid $7 million pre-auction for a 3,567sqm industrial site at 67-75 Smith Street in Summer Hill. The property, which currently comprises an industrial building, offices and an expansive car park across three titles, has approval for 28 residential dwellings.
CBRE’s Daniel O’Brien, who negotiated the sale in conjunction with fellow agent Nick Sinclair and Raine & Horne Commercial, said industrial sites with residential development potential in Sydney’s inner-west were highly sought after.
“Due to there being scarce availability of developable land in the inner-west, developers are increasingly looking at the relatively large supply of industrial properties in the region for potential rezoning to accommodate residential projects,” Mr O’Brien said.
“The renaissance of the inner-west as a high profile suburb has further underpinned demand for land in the area.”
Mr O’Brien said people were attracted to the area due to its diverse offering of cafes, restaurants, education opportunities, boutique shopping and parks – all in close proximity to the city.
“Situated approximately 10km away from the Sydney CBD, the inner-west is easily accessed by trains, buses and the soon-to-be Inner West Light Rail network,” Mr O’Brien said.
“More specifically, we’re seeing increased demand for sites located along the new light corridors, which is evident through the pre-auction sale of the Summer Hill property.”
In further testament to the inner-west’s growing profile was Stamford Property Services’ $23.7 million purchase of a residential zoned site in Dulwich Hill last year. The site is situated 1km north of Dulwich Hill railway station and will be located directly adjacent to the new light rail station, which is due for completion this year.
In 2012, Meriton acquired a mixed zone site in Lewisham for $48 million.
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