Prized development opportunity in Sydneys inner west
Prized development opportunity in Sydney's inner west
| 27 September 2017
A substantial site sprawling more than 16,000sqm in Sydney’s inner west has been listed for sale in a move anticipated to attract strong interest from residential and retirement living developers.
Located at 149-163 Milton Street, Ashbury, the campus style property consists of multiple freestanding office buildings with a small warehouse component
Situated approximately 900m to Ashfield train station and shopping amenities, the property is currently zoned industrial with a proposed rezoning of the land to R4 and a FSR of 1.1:1.
The property, which adjoins the WH Wagner Oval and is located just 10km from the Sydney CBD, has scope to accommodate a wide range of uses, including townhouses, apartments, senior living, education and religious facilities.
Mr Vines said the property’s prime positon in Sydney’s tightly held inner west would attract strong buyer interest.
“Given the site’s large size and ideal position adjoining a park, it presents an attractive opportunity for developers to deliver a mix of housing, including townhouses or units,” Mr Vines said.
“The large existing improvements and location may also lend itself to a diversity of re-adaptive uses, including education and aged care/seniors living.”
The property is surrounded by existing residential areas, and further benefits from close proximity to shops, cafes, schools and parks.
“The property, which also offers city views, is one of the last land parcels in the area that could accommodate a substantial residential development,” Mr Vines added.
Positioned on the western side of Milton Street, the site is located approximately 2km from both Ashfield and Canterbury town centres.
Mr Vines said the site was also positioned to capitalise on the ongoing growth of Sydney’s housing market.
“Sydney house prices continue to increase, lifting another 3.2% over Q4 of 2016 and 8.5% over the year. Meanwhile, apartments rents have also steadily increased by 2.7% in the same 12 month period,” Mr Vines said.
“Although overall vacancy rates in Sydney have been increasing, limited residential development sites in inner Sydney have kept vacancy rates tight, currently at 1.7%.”
The property is being offered for sale via an Expressions of Interest campaign closing November 2.
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