An offshore purchaser has paid $13 million for an approved townhouse development site in Lindfield – setting a new record for Sydney’s Ku-Ring Gai council area.
The sales campaign reportedly attracted 180 enquiries and 24 offers.
Based on the approval for 16, three-bedroom townhouses, the sale price translates to a record rate of $812,500 per townhouse site.
“There is still huge demand for townhouse development sites on Sydney’s north shore, particularly from offshore buyers,” CBRE’s Danny Shi said, adding that 20 of the 24 offers had been from Chinese groups.
“Developers perceive townhouses to be lower risk than apartment product, particularly in markets such as Lindfield, which have low levels of new supply.”
Situated at 18 – 20 Bent Street, the site has a total area of 2,719 square metres and presently accommodates two residential dwellings, which will be demolished to make way for the proposed townhouse project.
Approved are 16, three-level townhouses over one basement level incorporating 28 car spaces.
Mr Shi said the location had been a key selling point, with Lindfield regarded as a coveted market with a high level of amenity.
The site is positioned on the western side of the Pacific Highway, a short walk from local strip shops and Lindfield train station.
“The north shore, specifically Lindfield, has for many years been undersupplied with medium density development despite high demand from off the plan purchasers,” Mr Shi said.
“There have been limited quality townhouse offerings in recent times, despite the underlying demographics supporting this type of product.”