Sydney, 9th November – With Sydney experiencing its most robust residential development sites market in over five years, an incredible opportunity to secure a large, under-utilised landholding has come to market.
The substantial 1,511sqm block of land at 138 Maroubra Road in Maroubra is ripe for redevelopment, but also has the potential to either occupy or invest in a popular growth corridor.
The vacant site, which currently has a two-storey office block and secure basement parking for 44 cars, is zoned B2 Local Centre and is exclusively listed with the Colliers team of Matthew Meynell, Miron Solomons, Matt Pontey and Henry Burke.
Strong demand for inner Sydney apartments and decreased supply of new residential dwellings all point to the continuance of a strong residential development market, making this a very popular offering.
“Right next door to Charter Hall’s Pacific Square and with a net lettable area of 1,834sqm, considerable land holdings with this much upside in an undervalued market are seldom seen,” Mr Pontey said.
“Investor demand within the region has been fuelled by record low interest rates and a lack of available stock within the Sydney CBD market. Properties that offer redevelopment or rezoning potential are both highly sought after and generate significant interest within the market,” Mr Solomons added.
The site’s potential for residential redevelopment provides significant upside for interested parties, largely thanks to the current high demand for off-the-plan apartments.
In the 3rd quarter of 2021, Colliers experienced record levels of enquiry for off-the-plan apartments, with nearly double the interest compared to the same quarters in 2019 and 2020.
On top of this, the gap between the median unit and house price is currently at 80 per cent, well above the historic Sydney average of 46 per cent. Combine this with a declining supply of new projects and it is likely that strength in the residential unit market will remain, added Mr Burke.
“With investors being outpriced in the existing residential market and affordability coming back into play in inner Sydney suburbs, we forecast a resurgence in off-the-plan sales and expect the median gap between house and unit prices to reduce and stabilise to more traditional levels,” he said.
Situated on the same block as Maroubra’s main thoroughfare, the property, which has price expectations of circa $18 million and a height limit of 25 metres, is just 2km from the beach and a short 15-minute drive from the CBD.
The Expressions of Interest Campaign for 138 Maroubra Rd, Maroubra closes on December 8th, 2021 at 2pm (AEDT).