Site with approval for apartments in Sydney's Waterloo sold

A site in Sydney’s Waterloo with council approval for mixed-use development has sold for an undisclosed sum.

The site at 857-865 South Dowling Street, Waterloo spans 588.5 sqm and has approved development application for demolition of the existing structure and construction of a seven-storey building.

The development will comprise 18 apartments and two retail spaces along with with two levels of basement parking. The sleek design features aluminium cladding, brickwork, render and paint, glass balustrades and decorative metal screens, with a wide awning to South Dowling Street.

The apartments being planned will have one or two-bedrooms ranging in size from 50 sqm to 88.6 sqm. There will be a three-bed penthouse too.  

The site comes with approval for a maximum of 21 off-street car parking spaces over two levels. 

It is currently occupied by an Art Deco brick two-storey retail terrace with upper level residential.

The site is close to the new light rail line, due for completion in 2018, in addition to shops and entertainment venues.