Sydney-based Develotek Property Group has listed a major residential development site in Western Sydney has been listed with price expectations north of $13 million.
The 1,577sq m site, located at 34-42 East Street in Granville, currently holds an approved application for 91 apartments with an advanced concept available for an additional 30 apartments.
Develotek will now look to take advantage of the sites prominent transit oriented location in the country's fastest-growing satellite CBD, set to be the main hub for the proposed second Sydney airport at Badgerys Creek.
The development application has been revised with documents pushing for an 82 metre tower, just above the 80 metre recommended under the Parramatta Road Corridor Urban Transformation Strategy.
The site is also on the doorstep of the booming employment sector in Parramatta CBD that’s so far seen $3.5 billion of investment across Parramatta Square.
The listing is being managed by Ray White Commercial NSW managing director and partner Jeff Moxham and Associate Director Samuel Hadgelias.
“The recent commencement of construction at Granville Place has Granville poised to become a one-stop hub,” Moxham said.
“The immediate precinct is currently undergoing a significant gentrification process including major developments from two international groups.”
“Granville will be a vibrant mix of new housing, shops and commercial spaces, linked by a much-improved network of streets and attractive new parks and public spaces.”
Shokai Ausbao, developer and owner of the new Crowne Plaza hotel in Sydney, is currently building more than 600 apartments in Granville that will also contain a Woolworths supermarket and other speciality stores.
Chinese-backed Sydney developer Starryland is in the process of delivering an impressive mixed-use development at 26-44 Good Street and 59-61 Cowper Street following its 11-tower mini-city Promenade, which sold-out with resounding success.
Starryland announced its second Granville project with expectations that the residential downturn in Sydney is nearing the bottom with plans to launch the project in late 2020, at a time when a shortage of homes is predicted to hit the city.
Plans for new light rail, West Metro, better motorway connections and large cultural facilities such as the Museum of Applied Arts and Sciences will only add to the appeal of future developments in Parramatta.
Ray White associate director Samuel Hadgelias said the asset was perfectly placed to be a key anchor of the “Greater Sydney Regional Plan” in the future.
“The plan is built on a vision of three cities where most residents live within 30 minutes of their jobs, education and health facilities, services and great places.”
“When you look at developments like Parramatta Square, the light rail proposal and the investments going in to Western Sydney University and Westmead Health Campus, Granville is going to be the ideal precinct for all demographics to base themselves.”
At 11-17 East Street, local business owners Mohammad and Wassim Hijazi have submitted plans for 116 residential apartments across a $38 million mixed-use development.