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."