New zoning creates development opportunity in Arncliffe
Colliers International are selling a newly rezoned, mixed-use development site in Arncliffe, for around $12 million.
The site located at 96-102 Princes Highway, Arncliffe has been converted from industrial to high-rise residential.
It sits directly opposite the Arncliffe train station, with DA lodged for 83 residential units and ground floor commercial retail.
The property sits within the NSW Department of Planning & Environment's Bayside West Priority Precinct which was included in the Precinct Proposal and Draft Development Controls.
As a result the property has been earmarked for rezoning to Zone B4 Mixed Use with an increased FSR of 2.5:1 and an increased building height limit of 31 metres.
The site currently has an existing factory with car rentals leasing on a short-term lease; at $165,000+ GST short term rental income.
“This is an ideal opportunity for developers to acquire a development site with a quality existing building creating short term rental income whilst waiting for a pending DA approval from council,” said Trent Gallagher, National Director, Industrial at Colliers International, who is handling the sale of the asset.
“There is the opportunity to increase the scheme to circa 100+ apartments following the DA existing approval by way of incorporating affordable housing into the development.”
Located on a corner block, the property holds views to the Sydney CBD, Botany Bay and broader district and is a 200m walk to the Arncliffe town centre and shops.
Expressions of interest for 96-102 Princes Highway, Arncliffe closes April 4 2019.
