Prime development sites are few and far between in the inner-city suburbs of Sydney, so when a landholding with exposure to one of the fastest-growing commercial markets goes up for sale, investors should pay attention.
The 2,733sqm property at 216-220 Wyndham Street in Alexandria would allow for a potential GFA (Gross Floor Area) of between 13,528sqm and 16,635sqm (STCA) with potential gross commercial floor plates of up to 2,015sqm.
The land forms part of the City of Sydney Council driven planning proposal for the “Botany Road Precinct” renewal which is targeted at giving much greater density to the properties within the precinct for the purpose of commercial development. This will allow for future employment demand in the Redfern to Waterloo area and transform it into a vibrant commercial precinct.
The Colliers team of Trent Gallagher and Tom Barnier have the exclusive listing, being sold by a private vendor.
“The property will appeal to commercial developers and also owner occupiers looking for a high-density commercial site in extremely close proximity to the new Waterloo Metro and Green Square Town Centre”, stated Mr. Gallagher.
Located just moments from the Waterloo Metro expansion, plus a short walk from Green Square, the asset benefits from being situated in one of the best-performing commercial markets in the country. The addition of several infrastructure projects, a lack of developable land and sky-high demand from occupiers have all been major factors in the region’s growth.
“216-220 Wyndham Street sits within one of the most dynamic property markets in Australia. This is an opportunity to participate in the dramatic and extensive change that both Alexandria and Waterloo have ahead of them,” Mr. Barnier added.
The site offers existing secure holding rental income and flexible proposed mixed-use zoning, which allows for retail, residential and commercial usage. It also comes with a WALE of approximately two years and future site amalgamation potential.
“This is a strategic and unique opportunity to acquire a substantial corner, freehold property in South Sydney’s booming suburbs of Alexandria and Waterloo,” Mr Gallagher said.
The proposed planning controls within the region are designed to encourage new commercial buildings and affordable housing, and with an increase in green spaces and improved accessibility the local economy and culture are set to strengthen.
South Sydney is set to benefit from several significant projects which will improve connectivity within and into the area, including the WestConnex road project, the Sydney Metro project, Sydney Gateway and the expansion of Sydney Airport.
216-220 Wyndham Street, Alexandria is for sale via an Expressions of Interest campaign ending 15th June, 2022 at 4pm (AEST).
