A private developer from Beijing has purchased a DA approved site for a 12-level mixed use building containing 80 residential apartments plus six ground floor shops for $15.5 million from Sen Yuan Development.
Sold through Dominic Ong, Tim Holtsbaum and Wally Scales of Knight Frank, the property located at 139-145 Parramatta Road, Homebush is a high density mixed use development site of 2,330 sqm with 118 car spaces located in the popular Inner West of Sydney.
There is DA approval for 6,874sqm of total Gross Floor Area. The existing improvements on the consolidated site include a two storey brick showroom, single storey car yard office, workshop and shed structures.
According to Dominic Ong, Knight Frank’s Senior Director, Head of Asian Markets, Capital Markets, this was a rare opportunity in a popular location in Sydney’s desirable inner-west suburbs.
“The offshore developer saw this as a prime investment for Sydney's growing population and chose this site in part due to the currently strong residential market and also because the site is DA approved; so there is no planning risk and pre-sales can commence immediately."The property is located in the ever growing suburb of Homebush, approximately 14kms from Sydney CBD and 10kms from Parramatta CBD.
The property also benefits from being only a short distance to several train stations including Homebush, Flemington and North Strathfield. Multiple bus routes also travel along Parramatta Road.