Rockdale 40 apartment development site sells for $8.5 million
Located at 401-405 Princes Highway, the 1,306sqm site yielded significant interest
Jonathan ChancellorSeptember 20, 2021
A local builder/developer has paid $8.5 million for a Rockdale apartment development site.
Located at 401-405 Princes Highway, the 1,306sqm site yielded significant interest from the broader market due to the lack of quality DA approved sites, according to its Savills selling agents.
The deal was negotiated by Nick Lower and Selin Ince.
The site came with favourable B4 Mixed Use Zoning with approval for 43 apartments, two ground floor retail shops and three levels of parking spanning seven levels.
The site offers 3,181sqm of net lettable area (residential) and 257sqm of net lettable area (Commercial).
The approval was for 14 x One (1) Bedroom Units, 23 x Two (2) Bedroom Units and 5 x Three (3) Bedroom Units.
Nick Lower said the sale price reflected a unit rate of $197,674.
The price was $1.5 million over the vendor expectations.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
