A large residential development site at 890-898 Bourke Street, Zetland, has sold to an overseas buyer for $41.5 million as reported by The Australian Financial Review.
The 5194-square metre site, with stage 1 development approval for 155 apartments, has reportedly gone to a Shanghai-based private developer.
The site has been rezoned for mixed-use with 11,427 sqm in approved gross floor area.
"The market is stronger than ever for site sales. New records are getting set every week in strong locations," Trent Gallagher from Colliers International told the AFR. He sold the site with James Bellew.
The area is undergoing rapid transformation with the nearby Green Square urban renewal in full swing under the guidance of the City of Sydney's $13 billion spend.
At the heart of the Green Square development is the new town centre, a major new residential, retail and cultural hub.