Rare residential development site opportunity in North Sydney
Investors are being offered a rare opportunity to buy a residential development site, with development approval for an 18-level mixed use building in Sydney's exclusive suburb of North Sydney.
Located at 225-235 Pacific Highway and 22 Angelo Street, the 1,538 square metre site is approved for 190 apartments with 11,937 square metres of residential space plus ground commercial/retail space of 867 square metres.
Knight Frank’s Andrew Drury, Peter Krieg, Brett Burridge and Dominic Ong have been appointed to sell the mixed use development site on behalf of industrial Property Investment Group, Ford Land Company.
Mr Drury said that with limited development sites remaining in such prestige localities, 225-235 Pacific Highway offers a rare opportunity to acquire such a property with valuable development consent.
The agents said that potential buyer could immediately start per-sales from settlement of the purchase.
The approval consists of six, three bedroom penthouse apartments, 72 two bedroom apartments, 97 one bedroom apartments, 15 studio apartments, roof top communal entertaining areas, six levels of secure basement parking for 150 cars plus extensive storage areas. The approval also includes lower ground floor areas incorporating a tapas bar, restaurant and café and a top floor concierge apartment.
The DA approved site will be ready for construction to commence in July 2014. The public tender closes on 18 March.