“Over the past 12-18 months, South Sydney suburbs like Alexandria have experienced a flurry of development activity, with buyers swooping on industrial sites that have residential potential,” Mr Silva said.
“The insatiable appetite for residential property in Sydney is driving the trend and, as a result, more and more areas across South Sydney and the inner-west are undergoing transformation.
“St Peters remains a relatively untapped market for mixed use development, however, that is changing with more developers looking to gain a presence in the area, which is surrounded by great amenities.”
Mr Silva said the upcoming sale of a developable industrial property at 36 May Street and residential terrace at 11 Hutchinson Street, St Peters, was likely to add further fuel to the heating up market.
“Located in walking distance to Sydney Park, St Peters train station, Marrickville Metro and Newtown’s night life, this property ticks all the boxes to accommodate a mixed use development,” Mr Silva said.
The 739sqm property also benefits from two street frontages onto May and Hutchinson Streets, capitalising on the B5 Business Development and B7 Business Park zonings, as well as A 2:1 FSR and height limits ranging from 14-17 metres.
CBRE Manager, Residential Development, Richard Gell said momentum was gaining in the St Peters market.
“St Peters is highly sought after due to its close proximity to the CBD and central position in Sydney’s thriving inner west,” Mr Gell said.
Thirdi Group is currently developing the boutique Rinato Project on May Street, which features a development of 49 terraces and modern apartments with 10 creative commercial suites.
“In further evidence, a developer recently paid $8.2 million for a smash repairs workshop, approximately 1,256sqm in size with residential development potential,” Mr Gell said.
36 May Street and 11 Hutchinson Street are being offered for sale by Expressions of Interest closing May 28.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
