Offshore $13 million Lindfield townhouse development site sets new record

An offshore purchaser has paid $13 million for an approved townhouse development site in Lindfield.

Setting a new record for Sydney’s Ku-Ring Gai council area, the sale came after 180 enquiries and 24 offers to CBRE's Danny Shi and Aaron McLean.

Based on the approval for 16, three-bedroom townhouses, the sale price translates to a record rate of $812,500 per townhouse site.

“There is still huge demand for townhouse development sites on Sydney’s north shore, particularly from offshore buyers,” Mr Shi said, adding that 20 of the 24 offers had been from Chinese groups.

“Developers perceive townhouses to be lower risk than apartment product, particularly in markets such as Lindfield, which have low levels of new supply.”

Situated at 18 – 20 Bent Street, the site has a total area of 2,719sqm and presently accommodates two residential dwellings.

Mr Shi said there have been limited quality townhouse offerings in recent times, despite the underlying demographics supporting this type of product.