Colliers and Adam Charles are proud to announce the recent sale of 850-858 King Georges Road, South Hurstville for $12 million - a 20% increase in value from last year.
Sold by the Colliers' expert agent Trent Gallagher along with co-agent Adam Bodon from Adam Charles, the campaign saw a mixed pool of local and international investors, and was ultimately snapped up by an international buyer. The property was sold on behalf of a private vendor to a private developer.
Located in a well-established precinct within the South Sydney suburb of South Hurtsville, the prominent 2,025sqm* corner mixed-use development site has been DA approved for 60 units and features 3 street frontages to King Georges Road, Allen Street and Short Lane. The property also lies within 350m* to the local retail & amenities of South Hurstville.
The B2 zoning offers a wide range of uses for the site, which could see potential for 57 apartments plus 3 commercial/retail premises. There is also further value-added potential to also accommodate a childcare centre on the site (STCA).
Following the sale, it’s been said that boutique development sites are being well perceived within the marketplace. Mr Gallagher highlights that this is due to the flexibility of being able to hold the stock and rent on until completion, or sell down off the plan.
As the overall residential market continues to push forward strongly, the unit market is also strengthening, leading to greater demand for attractive residential sites, as Mr Gallagher explains.
“The market is as strong as we have ever seen it, even in these uncertain Covid times. Enquiry remains very high, and we are extremely positive about the months ahead,” Mr Gallagher said.
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