Sutherland Shire set for new 66 apartment development

Sutherland Shire set for new 66 apartment development
Sutherland Shire set for new 66 apartment development

Miranda in the Sutherland Shire has fresh DA-approved plans for a 66 residential apartment development.

Located at 1-3 University Road, 668A, 668 and 670 Kingsway, the 2872 sqm site will feature the residential building as well as two large town-home-style ground-floor apartments with garden terraces and upper floors with views over Cronulla.

The apartment mix is approved for 27 percent one bedroom apartments, 71 percent two bedroom and 2 percent three bedroom apartments.

The development site is expected to sell for more than $12 million.

Knight Frank agents Dominic Ong, Tim Holtsbaum, Andy Hu and Adam Bodon are managing the sale on behalf of a private family.

Head of Asian Markets Dominic Ong said it is likely to attract locally-based Asian developers. 

“We expect this premium, DA-approved site to appeal not only to a traditionally locally-dominated market, but also to attract the attention of astute developers in the wider Sydney market looking to capitalise on a core development opportunity with strong fundamentals," he said.

“The site is located close to Westfield Miranda, which recently underwent a $475 million redevelopment, and features large-scale retailers including Apple, Uniqlo, David Jones and Myer."

According to Knight Frank’s Director, Residential Site Sales, NSW Tim Holtsbaum,this is a sought-after location which will appeal to local developers and investors as well as local Asian investors. 

“Miranda and the Sutherland-Shire area is a well-established owner-occupier market," Tim said.

"The residential apartments will appeal to a broad range of local investors, including families and those seeking to downsize to large, two-bedroom apartment – a continuing trend.

“This is a rare opportunity to acquire a DA-approved site within such close proximity to infrastructure – there aren’t many opportunities such as this to buy in the area.

"A developer could be in the market selling the units fairly quickly, given the existing approvals." 

“There’s also a marketing suite onsite that can be utilised by an incoming developer to sell the units, which will be useful during the residential sales process."

 

Tags: 
New Developments Residential Development

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