Development sites are in hot demand with investors looking to reap the benefits of the strong appetite for mixed-use projects from North Sydney to the Sutherland shire.
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The sites are being offered after having been consolidated or, in the case of North Sydney's 168 Walker Street, when an investor sells to a developer and can use the cash for other projects.
One of the latest offerings is at a development-approved site in Sydney's Miranda, which has been earmarked for a potential price of about $12.5 million.
At 1-3 University Road, 668A, 668 and 670 Kingsway the property has a gross floor area of 5744 square metres and has approval for 66 residential apartments, including large townhouse-style ground-floor apartments.
Knight Frank's Dominic Ong, Tim Holtsbaum, Andy Hu and Adam Bodon are managing the sale on behalf of a private family.
Knight Frank's head of Asian markets, Dominic Ong, said this was likely to attract locally based Asian developers.
Mr Ong said he expected the site to appeal not only to a traditionally locally dominated market, but also attract the attention of developers in the wider Sydney market looking to capitalise on a "core development opportunity with strong fundamentals".
"The site is also located close to Westfield Miranda, which recently underwent a $475 million redevelopment," Mr Ong said.
Nearby, CBRE's director of capital markets, Nick Heaton is selling a block of 24 apartments at 326 Arden Street, Coogee, which has been in the same family ownership for 85 years.
Initially three terraces, the property was redeveloped in the 1970s as 24 apartments.
"The ability to purchase an entire block of units, particularly of this size, is exceptionally rare with these types of assets often held in the same family for multiple generations," Mr Heaton said.
In North Sydney, the skyline is about to change with Aqualand's approved development application for a apartment tower at 168 Walker Street.
Aqualand bought the site in June 2015 from investment and advisory group Anton Capital for $157.5 million. It, in turn, had paid $84 million for the site in January 2014. The property has demolition clauses after 2019.
The approval, given by the NSW government joint regional planning panel, is for four "sculptural and stepped interconnected tower pods". The pods, which vary in height from 22 up to 28 storeys, will be home to 415 luxury residential apartments.
Aqualand general manager Nick Tobin said the mixed-use complex has beendesigned by architects Woods Bagot.
