Sekisui buy St Leonards development site for next apartment project
National developer Sekisui House has spent just over $110 million on a prime development site in St Leonards for its next apartment development.
Sekisui, currently developing the $1 billion Norwest masterplan as well as the $1.2 billion West Village community in Berisbane's West End, bought the 8,758 sqm freehold site across 22-34 Berry Road, 42-46 River Road, and 21-31 Holdsworth Avenue.
The sale came with approved plans for 230 apartments across five four to eight-level buildings, as well as a central north-south 'green spine' which will feature a swimming pool area. Some 28 per cent of the site, 2,411 sqm, will be dedicated to communal open space.
The majority of apartments will be two-bedders, around 50 per cent. There will be roughly 46 three-bedroom apartments and 74 one-bedrooms, catering to a wide range of buyers.
Colliers Asia Markets team secured the St Leonards sale through an off-market campaign process with a short four-week settlement.
"This has been a strong result despite current market conditions as active developers continue to seek DA approved development opportunities in a prime location," the Colliers team advised.
They said the strategic location of the sites within the St Leonards South precinct adds to their appeal, as they are among the few remaining parcels of land with such immense development potential.
The $110.5 million sale equates to approximately $480,000 per unit site and $4,853 per sqm on GFA.
The vision of the St Leonards South Precinct, described within Lane Cove Development Control Plan 2009, is for a "liveable, walkable, connected, safe, precinct which builds upon the transit and land use opportunities of St Leonards and Metro Stations and commercial centre."
A concept image of St Leonards South. Image credit: North Sydney Council
Within the St Leonards South precinct is Top Spring's multi-stage development The Newlands, as well as Hyecorp's under construction The Audrey.
Meanwhile Sekisui recently unveiled the final release of apartments in the penultimate stage of their multi-award-winning West End master plan.
They've just taken to market the Opulent release, a collection of four and five-bedroom luxury apartments in the Allere Collection, which comprises two towers, Uno and Duo.
Uno and Duo, which are 95 per cent sold, will be the second to last buildings in the 2.6-hectare West Village precinct which Sekisui started developing in 2016.
