- A low-density residential land in Sydney’s south-west has been listed for sale, as developer demand remains high in the aftermath of the COVID restrictions
- The property at 10 Simmat Avenue in Condell Park has a large land holding of 4659sqm and multiple development options
- The unoccupied infill battle axe block with R2 low-density residential zoning is expected to fetch over $4 million
- Knight Frank’s Mark Saleh says that supply levels for development sites in Sydney were insufficient to accommodate pent-up developer
A low-density residential construction property in Sydney’s southwest has hit the market, as developer demand remains high following the COVID shutdown.
The property at 10 Simmat Avenue in Condell Park has a large land holding of 4659sqm and multiple development options, including a duplex scheme, residential lot subdivision, a childcare centre, boarding house, seniors living, a place of public worship, or a combination of all of these, subject to council approval.
The unoccupied infill battle axe block with R2 low-density residential zoning, one of the only remaining major land holdings within 18 kilometres of Sydney CBD, is expected to fetch over $4 million.
On behalf of the vendor, Anthony Pirrottina and Demi Carigliano of Knight Frank will oversee the auction campaign for the site, together with Mark Saleh and Ali Saleh of Pace.
Mr Saleh stated that supply levels for development sites in Sydney were insufficient to accommodate pent-up developer demand following the relaxation of restrictions in New South Wales following the COVID lockdown.
“Development sites we see come to the market are being snapped up quickly, and often for a stronger than expected price,” he said. “There simply is not enough stock to meet demand.”
Mr Pirrottina stated that while there were several development alternatives for the land, the most likely conclusion would be the construction of 12 duplexes and one freestanding dwelling on the site.
“This is one of the largest single parcels of land to be offered to the market in a tightly held pocket of Sydney,” he said. “With strong growth in the area, the demand for residential homes is at an all-time high, so any future residential development will be very sought after.”
Future supply in Condell Park is hampered by underlying land prices and high demand from residential developers, according to Mr Pirrottina.
The auction for the Condell Park property will be held onsite at 5 pm on November 30.