DA Approved Site On University Road Expected To Fetch Millions


A development-approved site in Sydney’s Miranda has been announced to the market with expectations of it selling for a price above $12 million.

Located at 1-3 University Road, 668A, 668 and 670 Kingsway, Miranda, the property has a gross floor area of 5,744 sqm.

This north-facing site of 2,872 sqm is DA-approved for 66 residential apartments, including large town-home-style ground-floor apartments with garden terraces and upper floors enjoying expansive panoramic view towards Cronulla and Sydney’s North. The apartment mix is approved for 27 per cent one-bedroom apartments, 71 per cent of two-bedroom apartments and 2 per cent three-bedroom apartments.

Knight Frank’s Dominic Ong, Tim Holtsbaum, Andy Hu and Adam Bodon are exclusively managing the sale on behalf of a private family.

Knight Frank’s Head of Asian Markets, Dominic Ong, said this is likely to attract locally-based Asian developers.

“We expect this premium, DA-approved site to appeal not only to a traditionally locally-dominated market, but also to attract the attention of astute developers in the wider Sydney market looking to capitalise on a core development opportunity with strong fundamentals.

“The site is located close to Westfield Miranda, which recently underwent a $475 million redevelopment, and features large-scale retailers including Apple, Uniqlo, David Jones and Myer. It is opposite Port Hacking High School and just 800 metres to the Miranda railway station, which has a direct train line to Cronulla Beach and the Sydney CBD,” said Mr Ong.

According to Knight Frank’s Director, Residential Site Sales, NSW Tim Holtsbaum, this is a sought-after location which will appeal to local developers and investors as well as local Asian investors.

“Miranda and the Sutherland-Shire area is a well-established owner-occupier market. The residential apartments will appeal to a broad range of local investors, including families and those seeking to downsize to large, two-bedroom apartment – a continuing trend.

“Miranda is located within close proximity to many premium schools, a major shopping centre and transport lines directly into the CBD and other parts of Sydney.

“This is a rare opportunity to acquire a DA-approved site within such close proximity to infrastructure – there aren’t many opportunities such as this to buy in the area. A developer could be in the market selling the units fairly quickly, given the existing approvals.

“There’s also a marketing suite onsite that can be utilised by an incoming developer to sell the units, which will be useful during the residential sales process,” said Mr Holtsbaum.

Show Comments
advertise with us
The Urban Developer is Australia’s largest, most engaged and fastest growing community of property developers and urban development professionals. Connect your business with business and reach out to our partnerships team today.
Article originally posted at: