Demand for land soars in Westmead in Sydney's west: Savills
An opportunity to acquire a significant parcel of level land at Westmead with development potential has hit the market.
Located at 93 Bridge Road, the site occupies 8,664 square metres of land and benefits from a 92.795 metre frontage along Bridge Road to the western elevation and 256.6 metres of combined local internal road frontages along the Northern and Southern boundaries of the property.
The site is located in a gateway position close to the Westmead health district to the North and situated on the western fringe of the Parramatta CBD.
The existing improvements on the site comprise 31 single storey two bedroom villas.
The site is underdeveloped subject to the provisions of the Parramatta Local Environmental Plan 2011 and benefits from a R4 High Density Residential zoning with an accompanying 1.7:1 floor space ratio and a building height of 20 metres allowing for up to six storeys of residential development. These existing provisions allow for the construction of circa 14,728.80 square metre of potential GFA.
They expect the very limited supply meant offerings such as 93 Bridge Road are sure to be keenly pursued by a number of local and offshore groups.
93 Bridge Road, Westmead is being sold through Savills Australia with offers due April 5 through Neil Cooke, director residential site sales at Savills Australia, and Stuart Cox and Johnathon Broome of Savills Australia.
Savills suggests a growing population, low interest rates, infrastructure spend and consumer confidence has seen values within Westmead, one of Sydney’s popular growth suburbs soar over recent years.
That growth is likely to continue its upward trend, ensuring new developments in Westmead remain highly desirable, it says.
Westmead’s location surrounded by hospitals, schools, transport links and the Parramatta CBD.
Over $900 million has been allocated to the redevelopment of Westmead Hospital which will feature a new building, called The Central Acute Service Building as well as infrastructure upgrades and the recently completed eight level car park offering 1,250 spaces. The new Acute Service building will be completed by 2020.
Westmead is 22km west of the Sydney CBD and only 2km west of the Parramatta CBD.
Parramatta is commonly known as the geographical centre of Sydney and is a thriving metropolis of commercial and economic activity being the sixth largest CBD in Australia.
Major amenity upgrades have occurred around the railway station with the expansion of Westfield Parramatta (second largest retail complex in Australia), the creation of a new transport interchange and the ongoing development of the Parramatta Square
Savills have recently noted there have been "very few development opportunities within the area" and only a handful of significant sites offered to the market in recent years.
