One of the largest development opportunities in Brunswick has been launched to the market by RPM Real Estate Group.
Located at 760A & 770 Sydney Road, the 1,790sq m site is being offered with an approved planning permit for a 7-storey residential development, designed by the acclaimed Rothelowman architects.
RPM’s Paul Dem and Christian Ranieri are marketing the property, having successfully sold a multitude of significant sites in the Moreland LGA.
Dem said the large-scale property, which is currently leased to Northside Harley Davidson, is a rare commodity in an area where most land parcels are sub-500 square metres.
“The scale of the site sets it apart from others in the corridor. Add to that the benefit of an approved planning permit, we are expecting a high level of competition for this site” Dem said.
“The planning permit for the site includes 61 apartments and 5 shops on the ground floor, with De Carle Lane at the rear providing efficient carpark access. Rothe Lowman Architects have produced a BADS compliant permit that’s both commercial and deliverable, making this site very attractive in a time when the market is flooded with sub-optimum residential opportunities.” said Dem.
RPM Transactions and Advisory head of strategy Tim Hyland said one of the key selling features of the site is that the approved permit exceeds the height set out in the Brunswick Structure Plan.
“With Moreland Council now sending all applications which exceed the Structure Plan height directly to VCAT, the opportunity to acquire an approved project which exceeds the structure plan by two storeys is rare indeed” Hyland said.
The property is currently returning $270,000+GST and, with a high quality internal fit out including retail and office space, is suited to a wide range of uses in the short term.
RPM’s Paul Dem and Christian Ranieri have been prolific within Brunswick selling some of the best sites to come to market over the last 2 years – together, the team have negotiated more than $30 million in deals including a string of sales in 2018 to local developers Milieu Property, Pellicano Group and Nightingale.
These sales include 98-102 Albert Street, 212 Albion Street, 215-217 Albion Street and 219 Albion Street.
“The market in Brunswick has undergone a real shift over the last few years. We’re now seeing developers tailoring their product to suit a new breed of buyer – the owner-occupier who is interested in more than just a dwelling, they want to understand the ethos of the development and how it serves both them as the purchaser and the broader community.
Their approach is both pioneering and finding success demonstrating that real success can be achieved in any market when there is consideration of the offering. Access to transport, proximity to the CBD and a gentrifying scene in the local area make Brunswick incredibly appealing to the young professional market,” Ranieri told The Urban Developer.
“This has a flow-on effect to the development site market, and the confidence we’re seeing from the development industry around large-scale permit approved sites like this is extremely encouraging.”
760A & 770 Sydney Road closes on the 9th of May and will be followed shortly by another significant campaign launching soon for a large-scale residential development site in Kew.
These medium and high density offerings demonstrate that quality assets are always attractive and are demonstrable of RPM’s tailored approach to Real Estate focusing on quality commercial assets within 15kms of the CBD.
The site is for sale by expressions of interest, closing 9 May 2019.
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