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97-115 Portman Street, Zetland is on the market
SYDNEY, 29 May, 2013 – A high-density residential development site in Zetland has been announced to the market in a rare occurrence for South Sydney. One of the largest residential development sites in the area, it is currently owned by Waverley Council as part of their Zetland Works depot.
The sale of the site, located at 97-115 Portman Street, Zetland, will be managed by Jones Lang LaSalle’s Michael Ajaka, Tim Cassidy and Leslie Cheng.
Jones Lang LaSalle’s Director of Sales and Investments for South Sydney, Michael Ajaka, said, “The sale of an asset this size rarely becomes available – especially with the potential upside of residential development. Under the new proposal the property will allow redevelopment to residential high rise, offering a boost to inner city accommodation.”
The 1.79 hectare site is made up of several office and industrial buildings, with excess land fronting Botany Road and Portman Street.
The depot is currently zoned Industrial, however the site falls under the Green Square Town Centre which is part of the new draft Local Environmental Plan, and the Green Square Town Centre Development Control Plan.
The General Manager of Waverley Council, Tony Reed, advised that the council would be leasing back the property after settlement for a period up to 18 months, or delayed settlement for the same period, giving the Council time to establish new premises and allowing the eventual purchaser income while achieving a DA.
The site offers a potential Gross Floor Area of over 59,000 sqm, which under the current 1988 LEP, could accommodate premium high density residential apartments as well as commercial use, with a 1.5 hectare park and three-street access to the site.
Jones Lang LaSalle’s Director of Industrial for South Sydney, Tim Cassidy, said, “The area is now favoured by developers, and has become well known for its transformation from industrial to residential. The area benefits from many factors including proximity to the city, transport, shops and schools.”
Currently there is strong demand from developers to secure sites in inner city locations.
Jones Lang LaSalle’s Director of Metropolitan Sales and Investments for Sydney, Leslie Cheng, said, “Developers are keen on sites like this due to the strength of Asian home unit buyers who are attracted to inner-city living and long-term investment.”
The property will be submitted to Public Tender in May.
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