Leichhardt site for 139 units offered for sale

A 7,149 square metre site in Leichhardt, in Sydney’s Inner West, with approval for 139 units is for sale.

The residential development site at 141 Allen St, Leichhardt is listed through Colliers International agent Guillaume Volz. Offers close March 15.

The site received development consent in October last year for a staged development application comprising construction of six residential flat buildings between four and six storeys above basement level comprising 139 units. 

“Whilst the market and government have responded to Sydney’s undersupply in mass development areas, such as Olympic Park and the Parramatta Road corridor, core suburbs such as Leichhardt continue to be ignored, despite the inherent attraction and desire from  buyers for apartments in these neighbourhoods,” said Volz.

“Our research indicates that Leichhardt is historically one of Sydney most undersupplied suburbs, with only 22 apartments completions in projects comprising 10 or more dwellings, from 2009 – 2014. 

“Recent rezoning of industrial sites has seen a moderate raise in supply, and since 2014 a further 470 apartments have been built or are under construction.

"There are only another 154 apartments with development approval, 139 of which are located in the subject development.”

The vendor’s representative, Irving Washington, said the property had grown in value due to the DA process and given the group’s interest elsewhere, the owners have now decided to sell.