SYDNEY - An opportunity to acquire a significant land holding with development upside, opposite the University of New South Wales, is expected to spark hot contest in the highly sought-after market of Kingsford. Due to the level of campiagn interest, this will now run as an online auction on Thursday September 2nd at 10:30am.
Colliers’ Trent Gallagher, Michael Crombie and Angus Urquhart are managing the sale of this 1,639sqm site located at 52-56 Barker Street in Kingsford, with a price expectation of above $9 million.
Housed on the site is an existing quality commercial building featuring 720sqm of space with the ability to generate long-term rental income or short-term income for a developer or owner-occupier.
Situated directly opposite UNSW, the property offers exceptional dual street exposure within close proximity to the newly operational light rail, as well as major hospitals and local amenities. There is also easy motorway access to the Sydney CBD and major arterial roads.
“The market is in hot demand for residential development sites and adaptive re-use sites despite the current COVID lockdown,” Mr Gallagher said. “We are seeing buyers bid competitively both on and off-market that is seeing new records being set every day. “This is a truly unique opportunity to acquire an existing commercial building set across three titles located directly opposite the University of NSW whilst boasting a 33m frontage to Barker Street and significant development upside.
“The site will greatly benefit from the newly rezoned ANZAC Parade precinct just a block away, which will see new height limits ranging from 31m to 54m and increased FSR controls, which will continue the significant gentrification occurring from Kingsford through to Kensington.”
The site has an allowable potential GFA of 2,051sqm, subject to council approvals.
