"Pre-campaign interest has been north of $10,000,000"
Enjoying a prominent position amongst some of Sydney’s most exciting rejuvenation precincts, 36-40 Parramatta Road, Croydon's listing has started to raise eyebrows.
The property is being marketed by Colliers' James Cowan & Joseph Lin, alongside Ray White Commercial Sydney City Fringe's Kristian Morris, and the agents are all optimistic about the market's depth-of-interest in the area. The property sits opposite the Kings Bay Village, a rezoning precinct lead by a Canada Bay Council planning proposal to rezone the land from industrial uses to B4 Mixed Use with a 3:1 floor space ratio and building heights up to 67 metres.
36-40 Parramatta Road, Croydon, NSW 2132
“Off the back of the Kings Bay Village listing - which attracted 213 enquiries, 11 offers and more than $2.5 billion of capital - it’s become clear that there is genuine optimism for Parramatta Road's future, now led by proactive councils that are seeking to enforce the Parramatta Road Urban Transformation Strategy," stated James Cowan, Director at Colliers.
"There is interest on a global scale.”
Under this proposed rezoning, the property benefits from an uplift to a 2.4:1 floor space ratio and a 21 metre height limit, which could potentially reach up to seven storeys (STCA). The favourable B6 Zoning/E3 Productivity Support zoning aims to provide for land uses that are compatible with, but do not compete with, land uses in surrounding local and commercial centres, and will support residential development that is mixed-use in nature.
The Kings Bay precinct and the proposed infrastructure that surrounds it will include high-rise residential apartments, as population pressure continues to put the squeeze on demand for new property.
36-40 Parramatta Road, Croydon, NSW 2132
The property will be only a 10 minute walk to both the Burwood North and Five Dock future metro stations that will link the finished product to the Sydney CBD in 10 minutes and Parramatta in 15 minutes.
Historically, the 2,175 sqm property has long been used for automotive use, but the development potential of the site allows developers a breadth of options for the site.
“Parramatta Road Corridor has had a rich history of automotive dealerships," notes Ray White's Kristian Morris. "However, higher costs for land and land tax have pushed new and used car showrooms further from the Sydney CBD each year."
36-40 Parramatta Road, Croydon, NSW 2132
"Given the exciting development upside and associated scope for future redevelopment, the owners naturally have received a significant level of off-market direct interest from developers."
The vendors are reportedly approaching their retirement ages, and as such, have opted to appoint experts to divest their asset via the open market.
“This purchasing opportunity gives an incoming buyer the opportunity to be surrounded by world class neighbours in Iwan Sunito’s Crown Group, Taylor Constructions, Toga Group and the soon to be announced purchaser of Kings Bay Village, all literally across the road," commented Mr. Cowan.
The agent and his colleagues have price expectations for the property that might initially seem lofty, but feel accordingly justified given the context of the site's value.
“With property in this location tightly held, it’s difficult to provide a comprehensive price guide," notes Mr. Morris. "But pre-campaign interest has been north of $10,000,000."
The property is available for sale via an Expressions of Interest campaign that concludes on Tuesday, 30th of August, 2022.
View the listing for this property on DevelopmentReady here.
