Sydney, 6th October – Colliers’ agents Trent Gallagher and Angus Urquhart have brought 1 Wiak Road, Jannali, to the market for the first time in 60 years. One of the last remaining development sites in the area, the location is R4 zoned with a 16-metre height limit and situated on 2,657m²of land with 3,188m² of allowable gross floor area. The potential yield for the site is 35-40 units with basement parking.
“The successful purchaser of 1 Wiak Road will greatly benefit from the R4 high density zoning and the 75sqm long street frontage,” Mr Urquhart says. “The large rectangular allotment with generous street frontage will facilitate an efficient build - the site really offers a blank canvas for that dream development.”
The boutique site is located in an attractive position approximately 500 metres from the recently upgraded Jannali Train Station, moments from neighbourhood shops and a short drive from the Princess Highway providing quick connectivity to Sydney Airport and the CBD. Jannali is one of the tightest held suburbs in the Sutherland Shire area and is an appealing prospect for both professionals and young families.
“The residential development site market has remained broadly buoyant throughout the course of this second COVID lockdown,” Mr Gallagher explains. “We have seen significant demand for raw and DA approved sites from developers in the South Sydney and Southern suburbs with many of our campaigns closing prior to the EOI close date.”
Number 1 Wiak Road, Jannali, is in close proximity to the successful ‘Lunar’ development, which benchmarks unit sale rates at $10,500 per metre. With the potential for a five storey development and circa 35 to 40 units, the team foresees interest around $7 million for the site.
“We forecast that demand for residential development sites will continue to rise as we roll out of lockdown, due to historically low interest rates, loosening of lending conditions and historically low approvals forecasted for the next 1-3 years,” Mr Urquhart concludes.
The Expressions of Interest campaign ends the 3rd of November at 4pm.