Sydney-based developer Level 33 has snapped up a large site in Wolli Creek for $29.5 million collecting with it an existing development approval for 176 apartments across two towers.
The dual seven-storey towers will be located on a 5,600sq m site at 30-32 Guess Avenue, 10 kilometres south of Sydney's CBD.
The site was jumped at by Level 33, after a joint venture between Dyldam's Sam Fayad and sales agency group Be100's James Zhu called receivership on their proposed project through private lender PA Resources Opportunity Limited.
The land is well placed between Sydney's CBD and airport and is close to Wolli Creek railway station which is one stop to Central Station.
Anticipated to cost $135 million, it is not yet clear if Level 33's forthcoming project could fall into a build-to-rent model or pursue first-home buyers.
“The project represents an excellent opportunity for first home buyers who have been carefully saving deposits to get into the Sydney property market,” Level 33 director Eddy Haddad said.
“Our vision is to deliver a new residential community to the highest design standards with all the modern conveniences of apartment living where residents will be able to enjoy the lifestyle benefits of living in close access to the Cooks River and nearby Discovery Park.”
Level 33’s current development pipeline to more than $1 billion in the southern Sydney region.
The developer currently has nine active projects on the market including builds in Blakehurst, Kogarah and Miranda.
It also has commenced selling a $75 million project Skye in Wollongong’s CBD after recently receiving planning approval.