A significant residential site in Botany, with a rare DA approval in place, and a price guide of $10 million, is certain to attract strong local and overseas developer interest, according to listing agent, Tony Laing, Co-Principal of Raine & Horne Commercial Bondi Junction.
“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,” said Mr Laing.
The DA consent for the site located at 10-12 Morgan Street, Botany, allows for a 5-storey apartment block, with a mix of 34 one, two and three bedroom apartments and basement parking with spaces for 58 cars.
Based on current property market conditions in Botany, Mr Laing 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,” said Mr Laing.
“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.”
The public auction of this quality boutique residential opportunity will be held at Dexus Place, Level 5, 1 Margaret Street, Sydney at 10:30am on Thursday 25 August.
For more information about the property or to register for the auction, contact Raine & Horne Commercial Bondi Junction on 02 8383 9999.