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News release

Sydney

Interest in South Sydney’s residential development market continues to ramp up

A Waterloo residential development site has sold for $12.5m, bringing the total sales by Jones Lang LaSalle in the Green Square precinct to $117.25m for 2H 2013


​SYDNEY, 10 December, 2013 – South Sydney’s residential development market continues to be hot property, with the latest transaction at 713-721 Elizabeth Street, Waterloo selling for $12.5 million from Bricktop Trumen Waterloo Unit Trust to Alpha Trio Pty Ltd.

Jones Lang LaSalle’s Head of South Sydney Sam Brewer, and Director of Sales and Investments Jeffrey Moxham, jointly managed the sale.

 According to Mr Brewer, this transaction brings the total value of the residential development property sold by Jones Lang LaSalle in South Sydney’s Green Square precinct to $117.25 million in the second half of 2013.

“Interest in the area is set to continue in 2014, with vendors taking advantage of record interest from both local and Chinese development groups. Jones Lang LaSalle has already been appointed to sell a further three sites in the Green Square Precinct, with marketing to commence in February 2014. These three sites have a total combined value in excess of $70 million,” said Mr Brewer.

713-721 Elizabeth Street, Waterloo is a regular-shaped block, currently consisting of two freestanding office/showroom buildings and onsite parking. The property is located just minutes’ drive to the Sydney CBD and Sydney Airport, and is approximately 100 metres from Green Square Railway Station. Surrounding developments include new high-density residential buildings, older-style industrial and commercial/retail developments.

713-721 Elizabeth Street currently has a lease in place until 2021 to RCG Corporation – owners of retail brands including The Athlete’s Foot Australia. 

The $117.25 million of residential development property in the Green Square  precinct sold by Jones Lang LaSalle in the second half of 2013 was comprised of several sales, including 713-721 Elizabeth Street, Waterloo; the Waverley Council site for $82 million; and 161 units at 810-822 Elizabeth Street, Waterloo for $22.75 million. 

Mr Moxham said their recent sales indicate the continued strength in the residential development market in South Sydney. 

“As the year has progressed we have seen the strength in the market, and in particular this area of South Sydney, continue to gain momentum. The short distance to the city combined with the upcoming infrastructure surrounding Green Square Station have been key drivers in this demand,” concluded Mr Moxham.