DA approved Fairlight residential site sold within 48 hours
A local investor has purchased a development application approved residential development site within 48 hours of CBRE promoting the opportunity to its VIP Buyer Database, signaling the strength of the residential development market.
08 Oct 2019
The $5,850,000 transaction occurs as Sydney clearance rates increase to over 80 per cent and developers look to re-enter the residential property market.
CBRE’s Nicholas Heaton, Toby Silk and Aaron Arias managed the sale of the 112 Sydney Road, Fairlight site on behalf of vendor Joe Vescio.
Situated in an elevated position with views over Manly and Sydney Harbour, the 1,005sqm site has three street frontages and is located a short distance from Manly Beach and Manly Wharf.
Mr Silk said the speed of this transaction demonstrates the strength of the current market, with buyers acting quickly in fear of missing out on premium boutique development sites, which are in short supply.
“With the cash rate dropping again this week, buyers now have improved access to finance, relieving demand in the property market, which has recently seen clearance rates reach over 80 per cent,” Mr Silk noted.
“This has spurred developers to re-enter the market, seeking opportunities such as this which offer the ideal fundamentals for developers including views, proximity to amenity, access to transport and proximity to Sydney CBD."
Another residential development site at 2 Sutherland Street, Cremorne has also recently been listed for sale by CBRE.
"We have seen enquiry increase dramatically as we head towards Q4. The Christmas period often acts as a natural deadline for property transactions including developers meeting quotas," Mr Arias said.
"Compared to earlier this year, enquiry across all of NSW has increased by 40 per cent, which shows the market is strengthening with buyers keen to transact before the end of the year."For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.