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News release

SYDNEY

Large residential development site consisting of nine private houses in St Leonards sells for over $66 million

5,695 sqm site sold to Hong Kong-based developer by JLL’s Sam Brewer and Ben Hunter


A large residential development site in the Sydney suburb of St Leonards has sold for over $66 million in a deal negotiated by JLL's Head of Metro Sales and Investments – NSW, Sam Brewer, and Director of International Investments, Ben Hunter.

The site, located at 31-41 Canberra Avenue & 28-32 Holdsworth Avenue, St Leonards, was sold for a total of $66,068,960 to a Hong Kong-based developer, following an Expressions of Interest campaign which closed on Wednesday 26 August 2015. The property measures approximately 5,695.6 sqm, and consists of nine individually titled lots containing residential houses of varying age and sizes. The sale price of the total property equates to almost $7.34 million per house. The site has been proposed to be rezoned to high density residential by Lane Cove council.

It is located approximately 500m walk to St Leonards and Wollstonecraft train stations, offering convenient access to key commercial and retail hubs such as the Sydney CBD, North Sydney and Chatswood. It is also located close to the St Leonards Town Centre – built above the station - which offers a range of commercial, food and retail outlets, and is located in walking distance to the coveted hub of Crows Nest.

Mr Brewer said, "Whilst there has been a lot of talk around residents consolidating to sell, this is one of the first real examples of such a large unconditional transaction. The sale campaign yielded over 100 interested buyers split evenly between local and off-shore. The buyer was a Hong Kong-based developer and is their first development site purchase in Australia.

"My colleague Ben Hunter and I have now sold over $2 billion worth of sites in the last 12 months. With much of the ready-zoned land now sold, we see a large proportion of next year's pipeline being made of similar 'mum and dad' house consolidations as seen in St Leonards."

Mr Hunter said, "The sale of this site to a new offshore developer proves that we are still witnessing strong inflows of Asian Capital for quality residential opportunities in prime locations."