Sydney’s Latest Amalgamation to Create More Instant Millionaires as Developers Swoop In

06 October 2017

Seven individual home owners in Sydney’s Inner West suburb of Burwood are set to make a significant profit when their homes spanning a combined site area of approximately 3,158.80sq m hit the market later this month, as Burwood benefits from playing a significant part in the Parramatta Road Urban Transformation Strategy, which has developers honing in on new residential development opportunities.

Located at 10-20 Neich Parade, the land is currently zoned R2 Low Density Residential under the provisions of the Burwood Local Environmental Plan 2012, providing an 8.5 metre building height limit and a 0.55:1 floor space ratio (FSR).

However, the Section 117 direction finalised in 2016 by Urban Growth nominates an increase in FSR to 4:1, as well as the building height limit to 32 metres as part of the new R3 Medium Density Residential zoning associated with the site.

This proposed R3 Medium Density Residential zoning together with the associated controls will allow for the construction of up to 12,635sq m* of GFA, circa 150 apartments, subject to Council Approval (STCA) and is exclusively for sale through 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. 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 level parcel of land on Neich Parade benefits from three street frontages, namely 83.17m* along Neich Parade to the west, 38.10m* along Emanuel Lane to the north and 82.65m* along Riley Lane to the east providing the property with district and Sydney CBD views to the eastern elevation and Blue Mountains views to the western elevation, via a redevelopment of the site.

Being a short 500m flat walk from the affluent Burwood CBD and set 60 metres back from Parramatta Road, the site is also within close proximity to MLC Burwood, Burwood Park, Westfield Burwood and Burwood Railway Station. There are various educational facilities situated within close proximity to the subject site including Australian Catholic University (Strathfield), Strathfield Girls High School, St Patrick’s College Strathfield, Santa Sabina College, Burwood Public School, St Joseph’s School, Burwood Girl’s High School, PLC Sydney, De La Salle College, MLC Burwood and Rosebank College.

According to Neil Cooke, Director, Residential Site Sales at Savills, “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.

“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.”

Stuart Cox, Director, Residential Site Sales at Savills said 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.

“There will also be provisions for cultural spaces and an additional 281 childcare places, 33 before school care places, 112 after school care places and 80 vacation care places.”

“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. This in turn will reduce traffic on local streets and significantly reducing the travel time to metropolitan centres such as the Sydney CBD and Parramatta CBD,” he said.

10-20 Neich Parade, Burwood is being offered for sale through Savills Australia by way of Expressions of Interest to be submitted by 4pm, Thursday, 9 November 2017.

* Approx.

 
 

Key Contacts

Neil Cooke

Neil Cooke

Director
Residential Site Sales

Savills Sydney

+61 (0) 2 8215 8834

 

Stuart Cox

Stuart Cox

Director
Residential Site Sales

Savills Sydney

+61 (0) 2 8215 8810