Sydney developer Mayrin Group has spent around $35 million on a massive 6,778 square metre site in Roseville with the intention of delivering a new 40-unit townhouse project.
The entire site currently contains nine individual older style residences located at 130-138 Archer Road and 10a, 12 and 14 Boundary Street in Roseville.
Mayrin Group said the site will be able to provide more than 40 townhouses with a potential 6,100 square metres of gross floor area, an existing Floor Space Ratio of 0.9:1 and maximum building height limit of 12 metres, situated just 600 metres from the affluent Chatswood Business District.
"This rare, medium-density product will reshape and lead the local market which is dominated predominantly by apartments and houses," Mayrin group director William Wu said.
The site boasts an 80 metre street frontage along Archer Street and a 87 metre frontage along Boundary Street. It is 400 metres from Roseville Railway Station and 12km north-west of the Sydney CBD.
The residences were amalgamated and sold through Stuart Cox and Neil Cooke of Savills residential site sales team.
Cox, Savills's director of residential site sales, said Roseville is a hotly contested Lower North Shore suburb with very few opportunities to acquire a property of this size.
"Yet we continue to see strong developer demand for a variety of sites across the North Shore and Northern District," he said.
“This is one of the largest land holdings sold to date on the North Shore. The site is zoned R3 Medium Density Residential, which lends itself to a premium grade, low-rise residential flat building development or prestigious townhouse development. There are currently no premium townhouses for sale ‘off the plan’ in the whole suburb."Since arriving in Sydney in 2014, Mayrin has almost 1,000 residential units in its development pipeline and currently has three projects running in Parramatta, Rouse Hill, and Olympic Park.