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Burwood units up for grabs for first time in 36 years

Property Markets / Transactions

Australia / Sydney

Oct 15 2018

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A residential complex in Sydney’s inner west has come to market for the first time in 36 years, presenting buyers with the opportunity to acquire 26 units in one line.

The block of apartments at 15-19 Clarence Street, Burwood, which has been owned by the same family since it was built in the early 1980s, is expected to fetch more than $30million.

Savills Australia’s Stuart Cox, Neil Cooke and Johnathon Broome have been appointed to manage the expressions-of-interest campaign, saying they expected competitive enquiry from a broad buying pool of investors and developers.

“It’s very rare to be able to acquire an entire block of 26 units in one line so we’re anticipating strong competition,” Mr Cox said.

The complex occupies 3,165sqm across one title and generates a gross holding income of $725,608 per annum. It is zoned for B4 Mixed Use with an associated floor space ratio of 3:1.

“Currently underdeveloped for an impressive site area of this size, this site presents substantial development upside and holding income,” Mr Cooke said.

“It has a building height limit of 30 metres and potential to construct up to 9,495sqm of gross floor area, subject to council approval.

“Via a redevelopment, the site lends itself to a premium residential flat building (STCA), with excellent views and solar access provided to the majority of apartments.”

Mr Cox said the site’s “prestigious” location in one of Sydney’s most tightly held inner-west suburbs was another key selling point.

“Burwood is a panoramic district, with Sydney CBD and Blue Mountains views on offer via a redevelopment of the site,” he said.

“The property is well serviced by surrounding arterial roads and public transport, with outstanding access to local amenity and close proximity to Westfield Burwood, Burwood Railway Station and MLC School.” 

Mr Cox went on to say that the complex was well positioned within Sydney’s western growth corridor, where transport, housing and economic infrastructure was set to explode to cater to the rapidly increasing population. 

“An extra 420,000 people are expected to move into the corridor between Greater Parramatta and central Sydney in the next 20 years,” he said.
“More than 300,000 new jobs will be created by 2036 across this same corridor; it’s only natural that residential projects will continue to profit throughout this timeframe in response to the influx of residents.”

The opportunity to obtain a delayed settlement is on offer. Expressions of interest close Wednesday, October 31 at 4pm.



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