Notre Dame University have claimed a long-vacant development site in the heart of Sydney’s university precinct after paying $21 million at an auction with a $16 million-floor.
Notre Dame University engaged Sydney buyers agents Rose & Jones to bid on their behalf, who after opening the bidding secured the new development opportunity for the expanding university.
Located at 142-152 Broadway, Chippendale -- next to the university's Broadway Campus -- the selling agents said the site attracted a diverse group including local and offshore developers, international student accommodation providers and major tertiary institutions.
“We saw massive interest in this site with over 200 enquiries received prior to auction,” Colliers International's Miron Solomons said, who sold the site in conjunction with agent Justin Rose of Ray White Commercial.
Strategically located between Sydney University, University of Technology Sydney and the University of Notre Dame, the site benefits from close proximity to China Town and the new Light Rail.
Privately held, the 520 square metre asset features dual street frontage and flexible mixed-use zoning with a floor space ratio of 6:1 and height limit of 25 metres.
“Chippendale has become a thriving part of the city fringe, with a unique culture which has benefitted from unprecedented investment from universities and government as well as residential development and student accommodation providers," Solomons said.
The inner-city universities around Sydney generate much of the appeal for students, with 153,301 students across the three universities which includes 27.3 per cent or 41,586 international students in 2015 based on the latest statistics.