Rare DA-approved site in Botany with $30 million plus potential to go under the hammer

Rare DA-approved site in Botany with $30 million plus potential to go under the hammer
Rare DA-approved site in Botany with $30 million plus potential to go under the hammer

A rare DA-approved residential site in Botany will go to auction in August 25 with a price guide of $10 million.

The site at 10-12 Morgan Street comes with DA consent of a five-storey apartment block, with a mix of 34 one, two and three bedroom apartments.

There can also be basement parking with spaces for 58 cars.

The development could command a gross realisation of $30 million plus.

Tony Laing, listing agent and co-principal of Raine & Horne Commercial Bondi Junction said it is certain to attract strong local and overseas developer interest.

“The real value in this site, which will go to public auction on Thursday 25 August, 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."

Based on current property market conditions in Botany, Tony expects the 1-bedroom apartments will sell for between $650,000 and $700,000.

For a 2-bedroom apartment the expected price is $850,000- $925,000, while 3-bedroom apartments should fetch $1.1-$1.2 million.  

“We expect that once the apartments are ready to market, the development’s superb location will be a major selling point,” he said.

“The site is situated in a superb growth precinct in Botany, which is undergoing a major gentrification through a number of boutique residential developments, combined with the launch of more contemporary restaurants and alfresco cafes. 

“Botany now provides an affordable upmarket Eastern Suburbs lifestyle and is the logical next step for those priced out of the inner east.

“We expect the apartments will attract a young demographic, with a split of investors and owner-occupiers jockeying to buy into this rare residential opportunity.”

 

Tags: 
Sydney Residential Development

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