Notre Dame University buy development site in Sydney's university precinct
Notre Dame University have bought a unique development site in the heart of Sydney’s university precinct for $21 million at auction.
The auction through Colliers International saw a mix of local and offshore developers, international student accommodation providers and major tertiary providers competing for 142-152 Broadway in Chippendale.
Bidding started for the 520 sqm site began at $16 million.
“We saw massive interest in this site with over 200 enquiries received prior to auction,” said Miron Solomons, director of Sydney investment sales at Colliers International who sold the site in conjunction with Justin Rose of Ray White Commercial.
“This privately held, 520sq, asset with dual street frontage to Broadway and Grafton lane sits moments from universities, major transport links and Broadway Shopping Centre.”
Strategically located between Sydney University, University of Technology Sydney and the University of Notre Dame, 142 – 152 Broadway the remaining site in Chippendale Education precinct and benefits from close proximity to China Town and the new Light Rail.
The site has a flexible mixed-use zoning with a floor space ratio of 6:1 and height limit of 25 metres, which allows for a diverse number of uses.
“The favourable development controls offer flexibility for an area which not only provides access to three major education institutions, but also acts as a gateway to the Sydney CBD and ticks all the boxes including its proximity to major transport links and key infrastructure projects,” said Mr Solomons.
“Chippendale has become a thriving part of the city fringe, with a unique culture which has benefitted from unprecedented investment from universities and government as well as residential development and student accommodation providers.”
The inner-city universities around Sydney generate much of the appeal for students, with 153,301 students across the three universities which includes 27.3% or 41,586 international students in 2015 based on the latest statistics.
