Prominent Sydenham investment property with redevelopment potential

A recently listed investment property along the Sydenham to Bankstown rail corridor may benefit from NSW government plans for urban renewal.

The 667 square metre corner site at 47-51 Unwin Bridge Road has been identified for Main Street Shop Top Housing under the draft system.

It permits ground floor retail and up to five levels of residential above.

Richardson & Wrench Pyrmont/Glebe are handling the marketing.

Principal Nick Countouris said the site could have potential for up to 28 apartments when rezoned.

“The current zoning is B1 Neighbourhood and what you see is what you get,” said Countouris.

“The draft strategy has substantial upside giving an investor or developer comfort to know they are buying an asset with strong income and great tenants, all while awaiting gazettal of the strategy, and without having to submit a planning proposal.”

The property is currently leased until 2020 to Pacific Brands with a Bonds Factory Outlet on the ground level and to the School of Self Defence on the floor above with options to 2025, returning income of $202,000 per annum.

The government’s Sydenham to Bankstown Urban Renewal Corridor strategy aims to create more housing, jobs and infrastructure around the 11 stations on the Sydenham to Bankstown line which will be converted to a Metro line by 2024.

Under the plan residential and mixed use developments would be allowed within 400 metres of the stations, resulting in densification that would generate an additional 36,000 dwellings.

Countouris said since the release of the strategy in October last year there had been intense interest in opportunities along the growth corridor.

“There have been very few sites put to the market since the release of the draft strategy and those that do are generally bought under fierce competition,” he said.

The vendor will be looking for a price in the high $3 millions when the property goes to auction on November 24.

The site is just 140 metres from Sydenham rail station and five kilomotres south of the Sydney CBD.