Two adjoining properties with development potential at 16-18 Carlingford Road, Epping have sold for a massive $7.8 million through
The combined 1,700 square metre site sets a record for the area of $4,588 per square metre.
The deal was negotiated by Steven Nguyen, who says the purchaser is a local Chinese developer.
“The site has zoning for up to five levels which should yield 35 apartments,” said Mr Nguyen, who is the Business Development Manager for Regency Real Estate.
“It is a convenient location for shopping facilities, schools and the train station.”
Mr Nguyen said sites in Epping with development potential are much sought after, but are now becoming scarce.
“There is limited opportunity within this established residential suburb, which already has a large and prosperous Chinese population,” Mr Nguyen said.
“We have a number of Chinese developers on our books so we are always looking for potential sites.”
Regency Real Estate was formed three years ago by Harj Uppal, and in that short time it has generated more than $350 million worth of property transactions. Currently it represents around 40 sites throughout Sydney with DAs approved or pending that are capable of reaping anything from 10 to 300 residential apartments.
“We maintain cordial relationships with many influential people throughout the world, and a fair proportion of our deals have been with cashed-up developers from Russia, China and India,” Mr Uppal said.
“Whilst we use a sophisticated database to match potential buyers with available sites, by far the most active purchasers of small to medium-size sites in Sydney are Lebanese developers with whom we have close connections.
“Developers still have to pay their staff regardless of whether they have work or not, so they need to have a bank of projects in the pipeline. The influx of overseas developers have pushed up the prices of sites, meaning locals either have to stretch beyond their normal financial comfort zone or take a chance on developing in areas they had never previously considered.”