Colliers says a private developer has bought a 957.4 sqms Balmain site with DA approval for more than $12 million a week before the campaign was due to close.
Both local and international investors displayed interest in the property with the campaign attracting 243 enquiries from local, wider metropolitan and overseas developers.
Colliers’ Trent Gallagher and James Cowan facilitated the deal for the residential development site with I.B Property.
“Balmain and Rozelle have consistently outperformed the wider market given their proximity to the CBD, strong demographic, accessibility and lack of land supply,” James says.
“Government infrastructure announcements such as WestConnex and the Sydney Metro West have further bolstered this demand in recent months,” he adds.
“This has been demonstrated in record-breaking Colliers’ transactions over the past six months, including 670-672 Darling Street ($8.2 million), 673-677 Darling Street ($3.5 million) and 681 Darling Street ($2.5 million).”
Colliers notes the deal represents a strong return for the vendor who purchased the property for $6.85 million including GST back in 2020. It says this reflects the planning work achieved and strength of the current market.
The investment management company adds that the site has approval for five oversized terraces and one penthouse apartment, and benefits from dual street access in one of Sydney’s premier locations.
“On a macro level, there is pent-up demand seeking scale and density in high quality locations,” Trent says.
“We are receiving unprecedented enquiry in this regard, which has resulted in premium pricing with clean terms and short settlement periods.”
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