Lane Cove development site fetches $5.03 million at auction
A residential development site on Sydney’s lower North Shore was sold at auction yesterday for $5.03 million.
Currently a 1,211 square metre car park, the property was sold by Roads and Maritime Services (RMS) to Asian Developers, and has potential for the development of 30 residential apartments plus 300 square meters of retail and commercial space, according to Savills Metropolitan and Regional Sales.
The property at 11-13 Birdwood Avenue, Lane Cove is located just minutes from Lane Cove plaza shops, including supermarkets, café’s restaurants, aquatic center, fitness center, medical services and childcare facilities.
Savills agent Robert Lowe says the property has the potential to be a landmark residential development site.
“Lane Cove in currently experiencing strong gentrification and as a result the site presents a suburb opportunity to create a landmark residential development site,” he says.
Located 10 kilometers from the Sydney CBD, Lane Cove was rezoned in 2010 in preparation for a 30% rise in population over the next 25 years.
In April, Property Observer reported that the area had $388 million worth of construction underway, with another $37 million planned. This included 19 sites, with 1601 units under construction and a further 182 areas pending.
