Industrial site in Sydney's Botany with development approval on the market via Raine & Horne

A residential site in Sydney’s Botany, with a development approval in place and a price guide of $10 million, went to auction on August 25 via Raine & Horne.

According to www.realestate.com.au, the site located at 10-12 Morgan Street was passed in at the auction. 

Listing agent Tony Laing said the “real value in this site lies in the DA approval, and it’s expected the property could command a gross realisation of $30 million plus in off-the-plan sales for a developer”. 

The DA consent allows for a five-storey apartment block, with a mix of 34 one, two and three bedroom apartments and basement parking with spaces for 58 cars.

The property currently comprises five industrial strata units providing an internal building area of approximately 1,653m2.

Laing told trade publication, Logistics & Material Handling that it is expected the property could command a gross realisation of $30 million-plus in off-the-plan sales for a developer.