Burwood townhouse site sells at $1.1 million through Savills
Jonathan ChancellorDecember 7, 2020
A local Asian developer was successful in outbidding 15 other potential purchasers at a Burwood, Sydney development site offering.
It fetched $7.8 million through Savills agents Stuart Cox and Neil Cooke.
The 59 Park Road property in Burwood drew over 140 enquiries.
“This was a phenomenal result, smashing Burwood’s record price for townhouse land with this sale equating to $1,115,000 per townhouse site,” said Mr Cox.
The townhouses, once completed, could achieve $2 million plus .
The 1,833 square metre site comprises three detached dwellings with DA approval.
Zoned R3 Medium Density Residential, the development approval allows for seven luxury four bedroom townhouses situated directly opposite Burwood Park.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.