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News release

Sydney

South Sydney development site demand continues

A development site at 38-42 Princes Highway, St Peters has sold for $8.2 million, adding to the half a billion dollars of South Sydney residential development sites sold by JLL in 2014


​SYDNEY, 16 FEBRUARY 2015 – A South Sydney residential development site has sold for $8.2 million to local company Casumo Constructions, highlighting the ongoing attraction for both Australian and overseas investors who are drawn to the area. In 2014, JLL sold more than $500 million of residential development sites across South Sydney.

JLL’s Head of South Sydney Blair Peterken, and Director of Industrial for South Sydney Keegan Ridings, negotiated the sale of the property. Located at 38-42 Princes Highway, St Peters, with a total site area of 1,256.8 sqm, the site features two street frontages, a floor space ratio (FSR) of 2.7:1 and is located just 400 metres from St Peters Train Station, opposite Sydney Park. It is zoned B4 for mixed-use or residential development use.

According to Mr Peterken, anecdotally the South Sydney residential development market is seeing even more strength moving into 2015. “We already have another three or four campaigns kicking off in South Sydney this year so far. By all accounts we haven’t seen a slowdown. The market is still extremely hot. It is getting even busier – there seems to be more buyers and more sellers than ever before.

“We received a huge amount of interest for this site, with 170 enquiries and 13 offers to purchase at the close of the expressions of interest (EOI) stage. Half of the 13 offers to purchase were local investors and half were Chinese buyers. We are still seeing a significant level of activity from savvy overseas investors looking to build close to the city and public transport.”

Mr Peterken said the sale price was well above the owner’s sales expectations.

According to Mr Ridings, there were two key features driving significant interest in the property. “The location of the property was well-received by potential buyers, as it is directly opposite Sydney Park with the potential for great scenic views. Secondly, the close proximity of the railway line with direct access to the Sydney CBD was a major draw card.”  

The site at 38-42 Princes Highway, St Peters comprises two separate older-style buildings on two lots. 38-40 Princes Highway currently features a large yard area, and is utilised as a mechanical workshop with mezzanine office. 42 Princes Highway currently comprises two levels of commercial office and a showroom with a rear warehouse and yard area.