Residential Site

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The Sydney developer Develotek is selling a 5420sq m Chatswood site with $250 million hopes.
The site includes houses at 51-61 Archer Street, 30-32A Bertram Street and 34 Albert Avenue.
Knight Frank are handling second-round expressions of interest, with a likely deal to be closed by January, according to Fairfax Media.
It is being marketed as "The Bertram", with the prospect of 400 apartments in a 90-metre tower. There is a heritage cottage which will be restored.
Develotek, which has a history of door-knocking owners of private properties to put together large residential sites, amalgamated 38 properties in 2015 for a proposed 700 apartments at Granville.
It is understood Develotek has options over the privately owned Chatswood properties, eight houses and 12 townhouses.
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Develotek list Chatswood site with $250 million hopes

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Site works are set to start at developer Level 33’s new project in Wolli Creek.
The group purchased the 5600 square metre residential site at 30-32 Guess Avenue for $29.5 million.
The site had an existing development approval (DA) and construction certificate for 176 apartments across two towers, both at seven storeys in height.
Level 33’s Eddy Haddad said marketing of the apartments will soon begin.
“Our vision is to deliver a new residential community to the highest design standards with all the modern conveniences of apartment living where residents will be able to enjoy the lifestyle benefits of living in close access to the Cooks River and nearby Discovery Park,” said Haddad.
Will Wehbe of St Trinity Property Group, which is marketing the project, said:
“The project represents an excellent opportunity for first home buyers who have been carefully saving deposits to get into the Sydney property market and take advantage of tens of thousands of dollars in government grants and stamp duty concessions while these incentives apply.
“Savvy investors will also be attracted to this project given its close proximity to transport, the CBD and the airport.”
Level 33 are currently working on projects in Blakehurst, Kogarah and Miranda, as well as the $75 million project SKYE in Wollongong’s CBD.
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Developer Level 33 buys Wolli Creek site with dual-tower development approval 

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A development site with a three-bedroom house in Glen Waverley sold for a record $6 million at weekend auction.
The 1538 square metre knock-down at <a href="https://www.domain.com.au/sold/17-marriott-parade-glen-waverley-vic-3150-2011885791" target="_blank">17 Marriott Parade</a> was advertised as a "great opportunity for a four-storey apartment complex". 
Documents from the Victorian land titles office show the property last sold for $4.71 million on June 19, 2015, to Marriott Pty Ltd, with Fen Gao listed as the director.
"The gentlemen bought and either changed his mind or had other projects in mind he wanted to focus on and put it back on the market," Barry Plant agent Tony Ievoli told Fairfax Media.
 Tony Ievoli said the recent approval of a major redevelopment of The Glen shopping centre nearby may have added impetus to the bidding.
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Glen Waverley record development site flip

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Property developer Fridcorp has acquired a site in inner-city Melbourne as part of its growth strategy in the city.
The 1,311 square metre site at 3 and 5 – 15 Shiel Street, North Melbourne, was purchased with an existing permit for 65 homes from Spec Property in early March.
Along with design collaborator Elenberg Fraser, Fridcorp is working on modified plans for about 120 one and two-bedroom apartments, and will submit them to Melbourne City Council over the coming months.
Fridcorp founder and director Paul Fridman said the company is looking at opportunities in Melbourne inner-city areas such as North Melbourne.
“We believe there is strong demand for apartments in prime locations that provide a genuine alternative to a home without compromising on design and lifestyle," he said.
Elenberg Fraser will deliver both the architecture and interiors for the project. 
Fridcorp expects to launch the project in early 2017, with construction scheduled to start from mid-2017.
The developer has nearly $1.5 billion worth projects in Albion, Brisbane, South Yarra, Melbourne and Erskineville, Sydney. They are expected to bring 1700 additional apartments to the market this year.
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Developer Fridcorp acquires North Melbourne site for apartment project

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A local developer has paid $6.3 million, exceeding expectations, for a development site with a permit for 44 units in Melbourne's Hampton.
The 427 Hampton Street property, comprising a 1,242 square metre site, zoned Commercial 1, was sold after an expressions of interest campaign.
The selling agents were Nick Peden, Jesse Radisich and Julian Heatherich of Savills Australia.
The permit includes 41 apartments and three retail spaces.
Peden said the property drew more than 150 enquiries and sold at the record rate of $143,295 per unit.
A 62-apartment project next door had sold out within a matter of weeks, he added.
"The demand for apartments along this increasingly popular strip of bayside suburbs, which includes Brighton and Sandringham, has been extraordinary but not surprising given its relatively close proximity to Melbourne CBD,’’ he said.  
Radisich said the initial price expectations were circa $5.5 million. 
 
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Developer pays $6.3 million for site with apartment permit in Melbourne's Hampton 

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A development site with permit for townhouses in Melbourne’s south-east suburb of McKinnon has sold for $2,360,000 through Savills.
The <a href="https://www.realcommercial.com.au/property-land+development-vic-mckinnon-502411994" target="_blank">9 Station Avenue</a> site has an area of 824 sqm and is situated within a sought-after location with easy access to shops and public transport, according to the property’s description.
The site is zoned General Residential Zone 1 and recently got approval for an eight-townhouse project designed by the Urban Design Architects.
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/05/Townhouse.jpg" alt="">
McKinnon is a high demand suburb in Melbourne’s south-east with a strong median house price of $1,680,500, according to Savills.
The site is located close to cafes, retailers and close to the newly redeveloped McKinnon Train Station.
The selling agents were Nick Peden, Benson Zhou, Julian Heatherich and Jesse Radisich of Savills.
The site was last put on the market in 1993, but the transaction price wasn't disclosed, according to Corelogic RP Data.
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Townhouse site in Melbourne’s McKinnon sells for $2.3 million through Savills

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Seven home owners in Sydney’s inner west suburb of Burwood are putting up their homes on the market later in October with the combined sale expected to fetch $40 million.
The <a href="https://www.domain.com.au/9-11-13-15-neich-parade-burwood-burwood-nsw-2134-2013510017" target="_blank">10-20 Neich Parade</a> site has a combined area of nearly 3,158.8 sqm.
Though the land is zoned R2 Low Density Residential, new proposals seeks to increase the building height limit to 32 metres as part of the new R3 Medium Density Residential zoning.
The plan is in line with the Parramatta Road Urban Transformation Strategy, which has developers honing in on new residential development opportunities.
This proposed zoning will allow for the construction of up 150 apartments subject to council approval.
The site is being sold through expressions of interest closing November 9.
The sale is being handled by Neil Cooke, Stuart Cox and Johnathon Broome of Savills Australia. 
It is understood that the seven homes combined are worth circa $17 million while as a development site, the land could fetch circa $40m. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/05/Burwood%20_site1.jpg" alt="">
This is in line with another neighbouring Burwood site in Esher Street which sold for in excess of $3,000 per square metre of proposed Gross Floor Area (GFA) that Savills also undertook earlier in the year, benefitting from the same development controls.
This Neich Parade parcel has three street frontages and can provide Sydney CBD views to the eastern elevation and Blue Mountains views to the western elevation, via a redevelopment of the site.
It is close to Burwood CBD and Parramatta Road.
“This site represents a unique opportunity to acquire a significant parcel of tightly held level land, benefitting from three street frontages with significant development upside (STCA), situated just minutes from Burwood’s best amenities,” said Neil Cooke.
“Not to mention that the finalised Parramatta Road Urban Transformation strategy released by Urban Growth will positively impact the eventual owners within a future potential development, including the introduction of at least 82,500sq m* of employment Gross Floor Area across a variety of uses and the redevelopment of Concord Hospital situated 3.5 kilometres* from the site”.
Any developer contributions under the strategy will go towards upgrading open space for residents, new and upgraded roads, a refreshed Burwood Park and Burwood Library, added Stuart Cox.
“More importantly, WestConnex will significantly reduce traffic along Parramatta Road, as thousands of daily road users use this as the preferred route to avoid as many as 52 traffic lights,” he said.
 
 
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Seven homeowners to put their sites on the market in Sydney's Burwood for $40 million

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A vast residential site in Castle Hill, opposite the Castle Towers Shopping Centre, has been listed for sale.
The site, comprising 40 townhouses and two houses, is being offered as one 11,590 sqm land parcel.
The property at 20-22 Pennant Street and 17-19 Larool Crescent has a potential gross floor area of 30,000.
It has been identified as a key site under the planning proposal for Castle Hill North Precinct.
Adjacent to Castle Towers Shopping Centre, the site is near the future Castle Hill train station.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/26/Castle%20Hill%20Markup%20copy.jpg" alt="">
JLL agents David Mathews, Sam Brewer and Jarrod Murphy are marketing the property via expressions of interest which close October 24.
"This is a really compelling offering and we expect to see interest from a broad purchaser pool including domestic, national and international developers,” Sam Brewer said. 
“We’ve seen developers focusing on prime locations in 2017, and the proximity to the Castle Towers Shopping Centre and to the Castle Hill Train Station will also attract interest."
David Mathews said they are expecting strong interest for the opportunity.
"Demand is still strong for higher density housing," he said.
"Sites close to transport and essential amenities continue to be favoured by developers."
 
 
 
 
 
 
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