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News release

SYDNEY

‘Super lot’ in Sydney’s Inner West for sale with price expectations circa $90 million

Site in North Strathfield comprises 23 residential houses and hits the market this week


A significant landholding in Sydney's North Strathfield comprising 23 separate residential houses is being offered for sale by exclusive selling agents, JLL, on behalf of the vendors.

JLL's Associate Director, Metropolitan Sales and Investments – NSW , Michael Binskin, Head of Metropolitan Sales and Investments – NSW , Sam Brewer, and Manager, Dylan McEvoy are marketing the property.

Located at 1-5 & 9-19 Brussels Street, 126-134 George Street, 2-4 & 8-20 Mena Street, North Strathfield, NSW, the site measures approximately 13,760 square metres and will be offered to the market as one land parcel. It consists of 23 individually tiled, residential properties of varying age and finish.

The property has potential for a larger residential development, subject to council approval on the current proposed zoning changes for the precinct. The site is currently zoned R2 – Low Density Residential and will be sold conditionally on rezoning.

The property has three street frontages to Brussels Street, George Street and to Mena Street, and is approximately 550 metres from North Strathfield train station, providing direct links to Sydney CBD. It is also within walking distance to Concord West Station. JLL estimates that a price circa $90 million will be achieved.

"This is one of the first sites of this size that has been offered for sale in the Inner West precinct," said Mr Binskin. "What will make it a really compelling offering for developers is the scope of the site. Its location near transport, schools, retail, entertainment and leisure facilities, such as the thriving Bakehouse Quarter and Sydney Olympic Park, all add to this. Broader precinct developments such as the Government's Parramatta Road Urban Transformation Strategy and the construction of the Parramatta Light Rail will also increase connectivity and attraction for residents to the area."

Mr Brewer, who has sold a number of similar sites across Sydney over the past 12 months said, "We expect to see interest from a broad purchaser pool including domestic, national and international developers for this site."

Mr McEvoy said, "Significant population growth is expected in Sydney's Inner West and this continues to drive demand for higher density housing. Sites close to transport and essential amenities continue to be favoured by developers, and we expect strong interest for this opportunity."

The property is for sale via an Expressions of Interest campaign closing Wednesday, 23 November, 2016.