Sammut Group spend $38 million at Cronulla for apartment development site

A Cronulla development site has sold for $38 million in an off-market deal, setting a new record sale rate for Cronulla and the Sutherland Shire. The property at 67 Gerrale Street, consisting of a traditional red brick 18-apartment block, Carousel Court on a 1,327sq m site, was purchased by Sammut Group. They bought from 18 owners in a strata amalgamation, who joined together to sell the property at an average $2.1 million windfall. The last advised sale of an apartment was $540,000 in 2014. One buyer had paid $120,000 in 1995, according to CoreLogic. The deal was negotiated by Knight Frank agents Anthony Pirrottina and Demi Carigliano at a rate of $9,400 per square metre on potential gross floor area. Sammut Group Director and CEO Allen Sammut said the acquisition paved the way to help create the missing link between the station and the beach, with both residential and retail activation. Pirrottina said the site is arguably the best development site in Cronulla, being directly across the road from Cronulla Beach and overlooking parks on two sides. “It was an exceptionally rare opportunity to acquire a residential apartment block with immense development potential in one of Sydney’s most tightly-held beachside precincts.” “Cronulla is the premier postcode of the Sutherland Shire, with growing values for off-the-plan apartment sales, and the prime location of this particular site will ensure strong buyer demand for any future residential development,” Carigliano said.