Developer Poly Australia has secured a site in Sydney’s south at 14-24 Stanley Street, Kogarah with plans to build a residential development of approximately 100 apartments.
The 2,250 square metre site, sold by Knight Frank’s Adam Bodon and Tim Holtsbaum and purchased by Poly Australia for $22,473,000 consists of six amalgamated blocks and has been identified as an R4 high density residential precinct.
The site is located within Kogarah North, which has been identified as a priority precinct and a "strategic centre" by the NSW Government. It is just 450 metres from Kogarah train station, and 18 kilometres from the CBD.
Poly purchased a Lindfield development site in January this year and will be launching an apartment community in the north Sydney suburb.
The Chinese-owned developer also this year announced its first commercial project in Australia with architecture firm Grimshaw winning a design competition to redevelop Sydney CBD office building, 210-220 George Street.
Aerial site view of Poly Australia's Stanley Street, Kogarah acquisitionOn the Kogarah acquisition Poly Australia investment director Grant Price said the developer is looking forward to contributing to the urban renewal of the region, and deliver quality residential options to the local community and beyond.
“It’s a significant acquisition for Poly Australia and our second this year after we acquired the site of the Bankstown RSL club in Sydney’s south-west. We are looking forward to the next 12 months ahead with our project in Lindfield, "Tilia by Poly" also launching this weekend,” Price said.
The site is located within close proximity to three local schools to the north, south and west of the site and only 450 metres to the town centre, with a raft of amenities including cafes, supermarkets and boutiques.
Poly Australia intends to lodge a development application for approximately 100 apartments in early 2018, with construction to follow later in the year.
Image: Artist's impression of Poly Australia's Tilia development at Lindfield, NSW