Located at 401-405 Princes Highway, the large DA approved 1,306sq m* site area yielded significant interest from the broader market due to the lack of quality DA approved sites currently on the market.

The deal was negotiated by Nick Lower and Selin Ince of Savills Australia who said this is a boutique development opportunity in one of Sydney’s most desirable growth corridors with favorable B4 Mixed Use Zoning and within Immediate Proximity to Sydney Domestic & International Airports.

With DA Approval for 43 Apartments, Two Ground Floor Retail Shops and three Levels of parking spanning seven Levels, the site offers 3,181sq m* of Net Lettable Area (Residential) and 257sq m* of Net Lettable Area for Commercial Component with a configuration of 14 x One (1) Bedroom Units, 23 x Two (2) Bedroom Units and 5 x Three (3) Bedroom Units.

Nick Lower, State Director, NSW & VIC Hotels at Savills Australia said “The interest in this asset was next to none. There is a significant lack of quality stock out there in the market at the moment, with this sale price being a pure reflection of that.

“The sale price reflected a unit rate of $197,674 and received an offer $1,500,000 over the Vendors expectations” he continued.

Selin Ince, Senior Executive, Hotels at Savills Australia said “Despite all the happenings in the world at the moment assets are transacting at unseen levels. Property is and will continue to be the preferred investment class for capital, with the yields being achieved speaking for themselves.”

*Approximate